Abu Dhabi: Abu Dhabi Fund for Development, ADFD, will provide AED1 billion to support the balance of payments and national housing project in Mali.
The government of Mali has signed two agreements with ADFD which include a concessionary loan of AED110 million (US$30 million) to finance the implementation of phase two of Mali’s National Social Housing Programme, in addition to a concessionary loan of AED918 million (US$250 million)to support the balance of payments in the country.
The balance of payments support will also help in driving the Malian government’s socio-economic development goals.
ADFD extended AED110 million (US$30 million) for phase one of the same national housing project, in April 2018.
Mohammed Saif Al Suwaidi, Director-General of ADFD and Dr Boubou Cisse, Malian Prime Minister and Minister of Economy and Finance, signed the loan agreements in a ceremony held at the ADFD headquarters in Abu Dhabi.
Mali’s National Social Housing Programme mandates the construction of 50,000 housing units across all the major cities and regions of the country.
Since 1976, ADFD has provided AED404 million in loans and grants to the government of Mali for eight vital projects in key economic sectors.