Abu Dhabi / Emirates Business
Abu Dhabi Fund for Development (ADFD) announced a contribution of AED330 million (US$90 million) to implement development projects and programs in key sectors in Somalia, particularly infrastructure and transport.
The contribution underpins efforts to improve public services, create new job opportunities and ensure stability and social development.
Moreover, the AED330 million aims to help Somalia overcome the economic challenges it faces through financing sustainable projects which in turn promote socio-economic well-being, increase living standards, long-term growth and prosperity.
This initiative is earmarked to finance infrastructure works and strengthen transportation networks. ADFD’s support will stimulate construction efforts, expand and rehabilitate roads, build bridges and ultimately increase efficiency in the movement of goods and products across Somalia.
Since its inception in 1971, ADFD has financed development projects valued at AED80 billion in more than 80 countries around the world. The Fund focuses on projects that are designed to enhance key sectors including renewable energy, transport, infrastructure, agriculture, mining, industry, health care, social services, housing, water and electricity.