WAM
22 Feb 2023, 19:09 GMT+10
ABU DHABI, 22nd February, 2023 (WAM) -- Abu Dhabi Fund for Development (ADFD) has signed an agreement with the Nigerian government to finance a major road project in the country.
The Fund has allocated AED165 million (US$45 million) to support the Minna-Bida Road project, ADFD's first development project in Nigeria, which is expected to stimulate commercial activities and improve transport links between the main cities in the country.
The 82-kilometer road linking Minna, the capital of the state of Niger, with the city of Bida, will reduce travel time by 50 percent and lower the cost of vehicle operation by 31 percent. The road will feature two 7.3-metre wide lanes.
The agreement was signed remotely by Mohamed Saif Al Suwaidi, Director-General of Abu Dhabi Fund for Development; and Zainab Shamsuna Ahmed, Minister of Finance, Budget, and National Planning of Nigeria. The signing was attended by Adel Al Hosani, Director of Operations Department at ADFD, and other officials from both sides.
Al Suwaidi said that the agreement marked the start of a new partnership with Nigeria, further expanding the Fund's development activity in Africa. "The project will facilitate transport and support economic sectors in the country."
Ahmed, the Nigerian minister expressed gratitude for the support provided by the UAE, as she emphasised ADFD's significant role in driving socioeconomic prosperity in developing countries. She pointed out the importance of the project to the Niger state government and Nigeria as a whole as it will connect the northern and southern parts of the country. "The project identifies with the National Transport Policy, and hence the development aspirations of Nigeria".
The minister further added that the project would improve the traffic flows, safety and reduce transport costs on the Minna-Bida axis, give the local community a basic-level access to transport services, leaving no one behind, and create employment opportunities for the local population, mainly women, youth, and vulnerable groups.
Get a daily dose of Kenya Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Kenya Star.
More InformationWashington, DC [US], July 2 (ANI): The public and messy feud between President Trump and tech billionaire Elon Musk was reignited this...
Grenada [West Indies], July 2 (ANI): Australia's right-hand batter Steve Smith is likely to feature in the playing XI for his national...
New Delhi [India], July 2 (ANI): As Prime Minister Narendra Modi left for a five-nation visit and will start with Ghana on July 2,...
New Delhi [India], July 2 (ANI): Prime Minister Narendra Modi on Wednesday departed for a five-nation visit to Ghana, Trinidad and...
New Delhi [India], July 2 (ANI): Prime Minister Narendra Modi on Wednesday departed for a five-nation visit to Ghana, Trinidad and...
New Delhi [India], July 2 (ANI): Prime Minister Narendra Modi departed for a five-nation visit on Wednesday, during which he will attend...
VILNIUS, Lithuania – A growing body of research suggests that selectively restricting a single nutrient in our diet could have profound...
SYDNEY, NSW, Australia - , Australian Federal Police (AFP) have shut down a secret drug lab in Sydney's west and seized more than 100kg...
Washington, DC [US], July 2 (ANI): The public and messy feud between President Trump and tech billionaire Elon Musk was reignited this...
The US president has warned that he will be watching communist Zohran Mamdani very carefully ...
Islamabad [Pakistan], July 2 (ANI): The Pakistani government has not met its export target for the fiscal year 2024-25, ARY News reported,...
Washington, DC [US], July 2 (ANI): United States President Donald Trump said that Israel has 'agreed to the necessary conditions to...