Printer Friendly

ADFD extends AED 77 million loan for dam project in Lesotho, South Africa.

Abu Dhabi Fund for Development (ADFD) has extended AED 77 million ($21 million) in concessionary loan towards the construction of the Metolong Dam in the land-locked kingdom of Lesotho in South Africa. Construction of the dam that provides 71,000 cubic meters of drinking water daily was recently completed by the government of Lesotho.

ADFD's loan was used to finance construction work of the concrete dam and its outbuildings, as well as for pumping and purifying plants and distribution pipelines.

Built at a total cost of AED 700 million ($189 million), the dam project aims to support Lesotho's economy by enhancing the country's water infrastructure, and augmenting existing drinking water sources in the capital Maseru, as well as in the arterial towns of Roma, Mazenod, Teyateyaneng and the surrounding villages. The dam is expected to meet the population's water demands until 2025.

The project includes the construction of a dam, with the capacity of 53 million cubic meters on the Strait of Phuthiatsana River to store and distribute the river's water. It also comprises tanks and a plant to purify and store water, four pumping plants for the four cities, 89 kms of distribution pipelines, and complete civil and electro-mechanical construction works, as well as technical and advisory services.

His Excellency Muhammad Seif Al Suwaidi, Managing Director, Abu Dhabi Fund for Development, said that the UAE, under the leadership of the President His Highness Sheikh Kahlifa bin Zayed Al Nahyan is keen to support and develop strong relationships with African nations that would ensure significant benefits for all concerned.

Speaking of the UAE's contributory loan offered via the Abu Dhabi Fund for Development to Lesotho, he said, "ADFD remains committed to financing new infrastructure development projects that are a priority for the government of Lesotho and other developing countries in Africa.

"The ADFD contributory loan of $21 million has helped finance the construction of the Metolong Dam - one of the most important dams in the country that meets a significant need for drinking water in several cities in Lesotho, in addition to developing the country's water and irrigation infrastructure. We are confident the project will help Lesotho achieve sustainable development in the country."

[c] 2015 CPI Financial. All rights reserved. Provided by SyndiGate Media Inc. ( Syndigate.info ).

COPYRIGHT 2016 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2016 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:CPI Financial
Geographic Code:6SOUT
Date:Jan 3, 2016
Words:377
Previous Article:RAM Ratings reaffirms AAA(fg) rating of Mydin's Sukuk.
Next Article:ADFD and Ethiopian authorities discuss cooperation.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters