Abu Dhabi Fund for Development (ADFD) has signed an agreement to provide AED 36.73 million (US$ 10 million) as a concessionary loan to Burkina Faso's government. The fund will be used for the construction of the Samandini dam in Deforma province in the western African state.
The loan agreement was signed by Mohammed Saif Al Suwaidi, Acting Director General of ADFD and Omar Diawara, Burkina Faso’s Ambassador to the KSA. The signing ceremony was held at ADFD’s offices in Abu Dhabi.
Al Suwaidi said: “This initiative reflects our leadership's visionary directives to support the sustainable socio-economic growth of developing nations. Through this important project, we hope to improve the living conditions of local communities in Burkina Faso and strengthen stability in food supplies and increase irrigated farmland areas in the country."
Diawara expressed his appreciation for the support provided by ADFD in executing the dam project at Deforma. He said: “This will enable the government to help local farmers strengthen the agricultural sector and thus provide more economic and food security for Burkina Faso."
The project financed by ADFD will also include preparing 1500 hectares of land for agricultural needs in the first phase. The second phase will involve irrigating 21000 hectares and installing a hydroelectric power station that will produce 16.8 Giga watts of electricity yearly.
ADFD will also implement a socio environmental plan including the improvement of medical services provided to the population, developing natural resources management and resettling of indigenous population affected by the project.
ADFD has contributed to financing several developmental projects in Burkina Faso during the last decade where its total contributions amounted to AED 18 million.
© 2009 Mena Report (www.menareport.com)
