Djibouti,Saudi Arabia Sign Financing Agreement for the Construction of the Regional Road via Galafi

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Djibouti,Saudi Arabia Sign Financing Agreement for the Construction of the Regional Road via Galafi
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Horndiplomat-Djibouti Minister of Economy & Finance, in Charge of Industry. Secretary Ilyas M. Dawaleh receives Saudi Fund for Development Delegation led by Dr. Abdouraman.
The Djibouti government and Saudi development Fund Signed Financing Agreement for the Construction of the Regional Road via Galafi. This Road will Ease Djibouti and Ethiopia busy traffic.according to Ilyas M. DawalehDjibouti,Saudi Arabia Sign Financing Agreement for the Construction of the Regional Road via Galafi
Galafi is the official border crossing from Djibouti into Ethiopia. Situated on the border with Ethiopia, it is in the north-west of Dikhil. It is located some 218 km (135 mi) west of Djibouti’s capital.Djibouti,Saudi Arabia Sign Financing Agreement for the Construction of the Regional Road via Galafi
 Saudi Fund for Development 
The Saudi Fund for Development was established by Royal Decree in the month of Sha’ban 1394 AH (1974) and began its operations in the month of Safar 1395 AH (1975). At the time of its inception, the Fund’s capital amounted to 10 billion Saudi Riyals; however, due to the developing countries’ increasing need for assistance in order to implement development projects, the Fund’s capital has been augmented three times, and in 1991 totalled 31 billion Saudi Riyals. Despite the fact that the Fund has been operating for a relatively short time, it has made great strides in the area of international development co-operation. The Fund now contributes to the financing of 3750 projects in 71 countries, consisting of 41 African countries, 25 Asian countries, and five countries in other parts of the world.

This is a developing story, Please check back at the Horndiplomat for Updates.

By: Hassan Jama Horndiplomat correspondent in Djibouti

SOURCE: HORNDIPOMAT

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