The Abu Dhabi Development Fund recently granted Tunisia a $25 million loan to help finance the construction of 20 small dams, reported the official WAM news agency. The dams will be used to collect rainwater in the mountains of Tunisia, which has suffered a severe drought over the past three years.
The Abu Dhabi Fund for Arab Economic Development was established by the Government of Abu Dhabi in 1971 to help Arab countries in their economic development, through the provision of loans or participation in projects. The fund’s initial capital amounted to $105 million and was increased to $500 million in 1974. It enjoys a borrowing capacity equal to twice its capital and reserves.
The Fund provides assistance in the key sectors of agriculture, fisheries and rural development; transport, communications and storage; water and electricity; housing, tourism and hotels; manufacturing and extractive industry. Its contribution to any one project does not exceed 10 percent of its total capital and 50 percent of the total cost of the project. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
