PHOTO
AED33 Million Government Grant to Finance Construction of Housing Units
Abu Dhabi - Abu Dhabi Fund for Development (ADFD) participated in the ground-breaking ceremony of a social housing project in Seychelles hosted by the Government of Seychelles on July 30, 2015.
Located in Mahé Island, one of the largest islands of the Republic of Seychelles, the project is funded by an AED33 million (US$9 million) contributory grant administered by ADFD on behalf of the UAE Government.
The project comprises of housing units as well as the associated infrastructure including electricity grids, water and sanitation networks, roads and parks.
ADFD managed on behalf of the UAE Government the construction of nearly 106 housing units spread across three residential areas in Barbaron, Bill Amber and Takamaka in Mahé Island, the largest in the Seychelles archipelago and home to the majority of its population. The first phase covers Barbaron and Takamaka.
The funding articulates ADFD's priority to support infrastructure projects in developing countries as a prerequisite for growth and economic development. Of the sectors supported, the housing sector is a major recipient of foreign assistance given its role in empowering local communities to contribute towards the development process. Accounting for 12% of the total share, the housing sector ranks second in terms of ADFD's funding activities, and has received AED7.6 billion so far allocated towards 42 development projects.
ADFD enjoys close synergies with the Government of Seychelles that date back to 1979. Since then, the Fund has provided loans and administered government grants totaling about AED215 million earmarked for 10 vital projects in key economic sectors including housing, communication, transportation, and energy.
Mr. Adel Abdulla Al Hosani, Director of Operations Department, Abu Dhabi Fund for Development, said: "The contribution of the UAE to the social housing project in Seychelles reflects the country's commitment to supporting economic development in Seychelles and providing excellent housing services to its citizens through financing infrastructure projects in the country."
Al Hosani added: "The UAE will continue to support the Government of Seychelles in implementing infrastructure projects and economic reform programs to improve the living standards of its citizens. To this end, ADFD has undertaken several major development projects that serve key economic and social sectors, while contributing to the sustainable development of the country."
ADFD's engagement in the development of Seychelles dates back to 1979 and the country was among the first to receive financial assistance from the Fund. Since then, ADFD has contributed to the financing of several quality development projects that support the Seychelles Government's efforts to accelerate economic and social development and tackle the various development challenges. Of these, the AED103 million wind power station project in Seychelles aims to support the renewable energy sector in the country.
-Ends-
About ADFD
Established in 1971, Abu Dhabi Fund for Development (ADFD) is an independent national entity affiliated to the Abu Dhabi Government. To help developing countries achieve sustainable development, the Fund offers concessionary loans, manages government grants through the direct supervision of such aid in project implementation and makes long-term investments and direct contributions. Since its inception, ADFD has overseen the provision and management of AED65 billion towards financing 442 development projects in 76 countries around the world.
© Press Release 2015
