(MENAFN) Abu Dhabi Fund for Development (ADFD) announced it has signed a memorandum of understanding (MoU) with the Republic of Madagascar for USD29.94 million in loans to for the construction of a 117 kilometer two-lane road as well as seven bridges which will help in connecting the rural areas of the country, Gulf News reported.
The Ministry of Finance and Budget for the Republic of Madagascar said that these projects are expected to drive the country's tourism and agricultural sectors by ensuring the uninterrupted flow of agricultural produce to the markets, while reducing the transportation cost of goods.
"The government of Madagascar is extremely focused on the redevelopment of its core infrastructure as part of its priority to stimulate economic growth and lift its people out of poverty. Apart from facilitating the movement of goods and trade, such projects support the creation of jobs and social mobility," The Madagascar ministry of Finance said in a statement after signing the MoU.
Meanwhile, ADFD said that the signing of this memorandum is part of its goal to eradicate poverty in developing countries, particularly in supporting these countries' infrastructure projects which contribute to the development of the economic sectors in these countries.
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