Abu Dhabi, United Arab Emirates: The Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the Government of the Republic of Uganda worth AED 91.8 million (equivalent to US$25 million) to finance the development of a road linking four major districts – Kumi, Ngora, Sereri, and Kagwara – in eastern Uganda.

The project is being implemented with joint funding from the Abu Dhabi Fund for Development, the Islamic Development Bank, and the government of Uganda. It aims to improve the transportation infrastructure, contributing to boosting economic activity and facilitating residents' access to service and commercial areas.

The agreement was signed by His Excellency Mohammed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development, and His Excellency Matia Kasaija, Minister of Finance, Planning and Economic Development of the Republic of Uganda.

The project involves upgrading the 98.3-kilometer road, including civil works, bridges, and associated facilities. The road consists of a 7-meter-wide lane and 2-meter-wide shoulders on each side . The project contributes to promoting economic and social development by supporting safe transportation, enhancing commercial activity in the Kagwara area, reducing travel time and costs, and improving traffic safety along the route .

His Excellency Mohammed Saif Al Suwaidi said: "Our strategic partnership with Uganda embodies our unwavering commitment to supporting comprehensive development efforts, in line with the Abu Dhabi Fund for Development's strategy to develop the transportation sector as one of the key pillars of achieving sustainable economic progress . "

Al Suwaidi added, "Financing the road development project represents a pivotal step toward improving the quality of life for residents in eastern Uganda, as it contributes to strengthening the connectivity of the national transport network, facilitating access to essential services. The project will also contribute to a qualitative shift that supports stimulating economic activity and creating new job opportunities for individuals during the implementation and operational phases."

For his part, His Excellency Matia Kasaija expressed his deep gratitude and appreciation to the Abu Dhabi Fund for Development for its continuous support, noting that the project supports infrastructure development in eastern Uganda. He emphasized that this fruitful cooperation reflects the depth of the growing relations between the two sides, explaining that the project will contribute to facilitating transportation, enhancing regional trade, and developing areas adjacent to Lake Kyoga, in addition to improving traffic safety levels, thus promoting a safer transportation environment for the beneficiary communities. He also expressed his aspiration to expand areas of cooperation with the Fund in the future, to include new economic and development sectors.

This project is an extension of the strategic cooperation between the Abu Dhabi Fund for Development and the Republic of Uganda, which began in 1977 and resulted in the financing of three development projects in vital sectors, with a total value of approximately AED 79.3 million. This cooperation reflects the Fund's commitment to supporting sustainable development in partner countries and enhancing its positive impact on the prosperity of societies .

-I finish-

#Government data

Disclaimer for the content of press releases
The content of these press releases is provided by a third-party provider. We do not assume any responsibility for, or have any control over, such content. This content is provided on an 'as is' and 'as available' basis and has not been edited in any way. Neither we nor our affiliates are responsible for the accuracy, endorsement, or completeness of the opinions, views, information, or materials contained in this content.
Press releases are provided for informational purposes only; the content does not imply legal, investment, or tax advice, or any opinion regarding the suitability, value, or profitability of any particular portfolio or investment strategy. We, or our affiliates, will not be liable for any errors or inaccuracies in the content, or for any actions you take based on such content. You expressly agree and acknowledge that you bear full responsibility for the use of the information contained in these press releases.
To the extent permitted by applicable law, Refinitiv, its parent, subsidiaries, affiliates, and their respective shareholders, directors, officers, employees, agents, advertisers, content providers, and licensors (collectively, the “Refinitiv Parties”) will not be liable (either jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive, or exemplary damages; This includes, but is not limited to: lost profits, lost savings or revenue, whether caused by negligence, tort, contract or other liability theories, even if the Refinitiv Parties have been advised of the possibility of any such damages and losses or had actually anticipated their occurrence.