Wednesday 18 September 2019
 
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Mali gets $280m Abu Dhabi funding for social housing scheme

ABU DHABI, July 1, 2019

UAE-based Abu Dhabi Fund for Development (ADFD), the leading national entity for international economic development aid, has signed two agreements worth Dh1.03 billion ($280 million) with the Government of Mali.

These include an Dh918 million ($250 million) concessionary loan to support the balance of payments in the country as well as an additional concessionary loan of Dh110 million ($30 million) to finance the implementation of phase two of Mali’s National Social Housing Programme.

Designed to improve liquidity and stimulate economic growth, the balance of payments support will also help in driving the Malian government’s socio-economic development goals, remarked ADFD Director General Mohammed Saif Al Suwaidi after signing the loan agreements with Malian Prime Minister and Minister of Economy and Finance Dr Boubou Cisse in a ceremony held at the ADFD headquarters in Abu Dhabi.

Boukary Sidibe, Malian Ambassador to the UAE, and various senior representatives from the two sides also attended.

Al Suwaidi said: “The UAE and Mali have continued to enjoy strong and long-standing bilateral relations. Spanning more than four decades of joint and constructive cooperation, the strategic ties between ADFD and Mali have helped achieve sustainable economic development in the West African nation.”

Mali’s National Social Housing Programme mandates the construction of 50,000 housing units across all the major cities and regions of the country, including Kayes, Koulikoro, Bamako, Sikasso, Ségou, Timbuktu, Gao, Kidal, Ménaka and Taoudenni.  

As part of the scheme, the Malian Housing Office delivered 9,521 residential units between 2002 and 2015. In view of the growing demand, the government decided in 2006 to implement the scheme through public-private partnerships, in addition to direct government funding.

Last year, ADFD had extended Dh110 million ($30 million) for Phase One of the same national housing project. In a bid to meet the surging housing demand in Mali and improve the overall standard of living and well-being of the Malian people, the social housing programme aims to modernise civil and housing services in the country as part of the government’s efforts to achieve sustainable development.

Al Suwaidi said: "As part of our efforts to assist developing countries in addressing their economic challenges, ADFD’s $250 million to support the balance of payments will aid the Malian government in achieving their outlined priorities across key sectors."

Dr Cisse commended the brotherly relations Mali enjoys with the UAE, and pointed out that ADFD has been a strategic partner in driving sustainable development in his country.

The balance of payments support will help strengthen the economy whereas the housing programme will cater to the increasing demand for residential units as a result of the population growth in Mali over the years, he added.-TradeArabia News Service




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