ABU DHABI // The Abu Dhabi Fund for Development is giving a Dh110 million loan to fund a roads project in Bangladesh.
The deal was signed by Mohammed Saif Al Suwaidi, the acting director general of the fund.
"This grant embodies the keenness of ADFD to play a vital role in supporting development in line with its strong approach in carrying out sustainable development in developing countries, to enable them to overcome the difficulties and challenges they face, and to raise the living standards of their people," Mr Al Suwaidi said, according to the state news agency Wam.
He said the project would lead to better road connections and increased trade among Asian countries, particularly Nepal, Bhutan and north-east India.
"The international connectivity among these countries through the establishment of a sophisticated and modern network of roads will make Bangladesh a regional transportation hub, in addition to improving internal traffic," Mr Al Suwaidi said.
Kazi Shofiqul Azam, undersecretary assistant for economic relations at the finance ministry in Bangladesh, who was present at the signing of the agreement, thanked the UAE's leadership for its continuing support and said the funding was of vital importance to the region.
The fund has been providing financial support to Bangladesh since 1976, with loans and grants adding up to Dh382m for development projects.
