(MENAFN- Mid-East.Info) The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of Tanzania worth AED 387 million (US$105.4 million) to enhance energy security in the country. The project's objective is to fully connect the Kagera administrative region with the national electricity grid, reducing dependency on energy imports from Uganda and providing sustainable and safe electricity sources to communities, economic areas, and service facilities.
The agreement was signed by His Excellency Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development; and His Excellency Dr. Mwigulu Nchemba, Minister for Finance of The United Republic of Tanzania; in the presence of His Excellency Khalifa Abdullah Al Qubaisi, Deputy Director General of ADFD; and other officials from both sides.
H.E. Al Suwaidi said that this strategic project was a significant step towards the development of Tanzania's energy sector and ensuring sufficient electricity supplies to meet the population's needs sustainably.“The Fund will collaborate with Tanzanian partners to support their development programs and work towards the United Arab Emirates' future aspirations and the Fund's strategic objectives of accelerating energy projects globally for the betterment of developing countries' societies,” he said.
H.E. Dr. Nchemba praised the longstanding relationship between the Abu Dhabi Fund for Development and Tanzania since 1977, which has played a vital role in implementing development projects and contributing to economic and social progress in the country. He emphasized that the project's financing will reduce energy import dependency, stimulate economic activities, develop existing industries, and create job opportunities for the population.
The Abu Dhabi Fund for Development has previously financed six development projects in Tanzania, including the Kidaho-Uvinza Road and the Kagera Sugar Project. These projects have significantly contributed to the development process and improved the quality of life for Tanzanian communities.
About Abu Dhabi Fund for Development (ADFD):
Abu Dhabi Fund for Development (ADFD) is a leading national entity for economic development aid owned by the Abu Dhabi government. Established in 1971, it aims to help emerging countries by providing concessionary loans to finance sustainable development projects as well as administer long-term investments and direct contributions. In addition to managing development grants offered by the Abu Dhabi government, ADFD has adopted a policy of supporting the national economy and financing UAE private-sector investments. Since its inception, ADFD has marked developmental milestones in 103 developing countries. Spanning the last 50 years, the Fund's development projects and investments, valued at AED150 billion, have helped the international community achieve sustainable economic growth, as well as drive the implementation of the United Nations' Sustainable Development Goals (SDGs).
MENAFN09082023005446012082ID1106816356
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.