ADFD signs Dh73m project finance agreement with Eritrea

Abu Dhabi, Jan 14, 2009 (WAM) - Acting Director General of Abu Dhabi Fund For Development (ADFD) Mohammad Saif Al Suwaidi yesterday signed an agreement with Al Ameen Hassan, Secretary, Office of President of Eritrean, to finance infrastructure projects in Eritrea with total amount of Dh73 million.

Commenting on the agreement, Al Suwidi said: " This agreement comes in line with the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and close follow up of General/ H.H. Sheikh Mohammed bin Zayed Al Nahyan, crown prince of Abu Dhabi and deputy supreme commander of the UAE Armed Forces ,and with continually following of H.H. Sheikh Mansour bin Zayed Al Nahyan, Minister of Presidential Affairs '&' Chairman of the Board Directors of Abu Dhabi Fund for Development, to support developing countries by providing them soft loans to implement development projects." "The infrastructure projects under the agreement are considered vital to the Eritrean people as they involve supply of agricultural equipment and machines for drilling and road construction." In 1999, the ADFD contributed Dh104 million in financing a project to build a power plant in Eritrea.