ADFD supports Cameroon's Olama-Kribi road project with $15m loan
The 204km project will link Cameroon’s capital of Yaoundé to one of its largest seaports, Kribi, boosting its transportation sector
The Abu Dhabi Fund for Development (ADFD) has approved a concessionary loan worth $15m (AED55m) to support Cameroon’s 204km Olama-Kribi Road project, which will link the nation’s capital of Yaoundé to one of its largest seaports, Kribi.
The project is aimed at boosting Cameroon’s transportation sector, stimulating Cameroon’s economy, facilitating trade exchange, and easing the movement of people, vehicles, and goods.
The loan agreement, which outlines the terms of the funding, was inked by the director general of the ADFD, HE Mohammed Saif Al Suwaidi, and the ambassador of the Cameroon to Saudi Arabia, HE Iya Tidjani, at the ADFD’s headquarters in Abu Dhabi.
The deal was signed in the presence of the deputy director general of the ADFD, His Excellency Khalifa Al Qubaisi; the consul of Cameroon in Dubai, Mebouegue Donancien; as well as senior representatives of the two parties.
Commenting on the agreement, HE Al Suwaidi said: “The fund believes that the development of the transportation sector increases nationwide and cross-country trade. We are delighted to collaborate with the Cameroonian government for the first time and continue to support global efforts to implement the United Nations’ Sustainable Development Goals (SDGs) in the African continent.”
Since its inception in 1971, ADFD has funded development projects in 95 countries, including 40 African nations, to the tune of more than $25bn (AED92bn) through concessionary loans, government grants, and investments.
The Fund’s total expenditure in Africa amounts to approximately $6.3bn (AED23bn). In addition, ADFD has also invested in eight companies and two private equity funds to boost key sectors in the African continent.