Abu Dhabi Fund for Development (ADFD), the economic development arm of the UAE government, signed an agreement with the Government of Guinea to provide a concessionary loan valued at AED95.5 million (USD$ 26 million) to finance developing a major interchanges and roads project in the heart of Conakry, the nation’s capital city.
Conakry is the largest city in Guinea and a growing economic hub of the West African nation. Once completed, this project will significantly ease congestion in the city center while connecting key urban areas integral to economic growth and improving overall road safety.
The project will include construction of interchanges, roundabouts and tunnels designed to better connect service and feeder roads to the city’s main thoroughfare, La Prince Road. In addition to funding support, ADFD will provide ongoing consulting and engineering services throughout the successful implementation and delivery of the project.
The development of Conakry represents an important piece of the Guinea economic diversification strategy. While the country is widely known for its agriculture and minerals economy, Conakry is viewed as the economic, financial and cultural hub of the nation. It is also home to the Port of Conakry, Guinea’s largest port that is key to growing Conakry’s manufacturing and industrial sectors.
The loan agreement was signed by His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, and His Excellency Mamady Camara, Minister of Economy and Finance in Guinea . The signing also drew the participation of His Excellency Khalifa Abdullah Al Qubaisi, Deputy Director General of ADFD, and several senior officials from both sides.
His Excellency Al Suwaidi said: “ADFD has a long and successful history working with the government of Guinea. Together we’ve developed high-impact projects across a number of sectors that are important to the country’s sustainable social and economic development. This new interchanges and roads development project will be a catalyst for continued economic growth while also helping improve the quality of life for people across the city.”
Mamady Camara, Minister of Economy and Finance of Guinea said: “Conakry plays an integral role in the Guinea national economic development strategy and this infrastructure project will help support continued economic growth in our capital city. While agriculture and minerals represent important economic sectors for the country, Conakry is central to our economic diversification strategy, further development of manufacturing and industrial sectors and to supporting the growth of SMEs.”
ADFD and the Guinean government have a long and successful relationship dating to 1977. The Fund has supported a range of sustainable development projects with a total value of AED345.6 million, including successful development of strategic projects in energy, food security, industrial development and agriculture sectors.
Since its inception in 1974, ADFD has funded development projects in 97 countries, including 39 African nations, through concessionary loans and grants. The Fund’s total expenditure in Africa amounts to AED30 billion. ADFD has also invested in seven companies and two private equity funds to boost a variety of sectors on the continent.