The UAE-Chad Trade and Investment Forum raises $20.5 billion to support a plan "Chad Connection 2030"
ABU DHABI, 11 November, 2018 (WAM) – The Republic of Chad announced its success in securing two-thirds of the financing needed for the five-year national development plan, “Chad Connection 2030,” worth $20.5 billion, thanks to an exceptional mobilization of partnership between the public and private sectors and the signing of a group of financing agreements and memorandums of understanding during the UAE-Chad Trade and Investment Forum, which was held in Abu Dhabi.
The announcement came at the conclusion of the UAE-Chad Trade and Investment Forum, which was held on November 10 and 11. The forum witnessed the UAE’s international launch of the “Chad Connection 2030” plan, which aims to enhance the country’s openness to global trade and investment, stimulate economic growth, and advance the comprehensive development process.
The forum witnessed the signing of 40 memorandums of understanding with the private sector in strategic areas between the UAE, Chad and international destinations to diversify the Chadian economy, including energy, agriculture, mining, textiles, tourism, education and manufacturing.
Chad also obtained financing agreements and commitments from 30 donors and international financial institutions, most notably the World Bank Group, the Islamic Development Bank, the African Development Bank Group, the Arab Bank for Economic Development in Africa, and Afrexim Bank.
More than 2,000 participants participated in the forum in strategic dialogue sessions, in the presence of a number of senior leaders and officials, as well as an elite group of senior officials, business leaders and investors.
During the forum, His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, announced the completion of the terms of the negotiations for the Comprehensive Economic Partnership Agreement between the UAE and Chad, and they will be completed before the end of this year.
At the conclusion of the forum, Field Marshal Mohamed Idriss Déby Itno, President of the Republic of Chad, said: I extend my sincere thanks to our partners who, according to the announcements and financial portfolios, will contribute to mobilizing about $16.4 billion, in addition to investors from the private sector, most of whom are international, who signed 40 agreements and memorandums of understanding worth $4.1 billion. Thus, Chad has succeeded in its first year of the five-year plan in mobilizing $20.5 billion, which confirms the possibility of achieving the goal of reaching $30. Billion dollars and I call for the continuation of reforms aimed at reducing bureaucracy and significantly improving the business climate.
The “Chad Connection 2030” plan is based on four main axes that are implemented through 17 programs that include 268 projects and reforms with the aim of achieving a profound and sustainable economic and social transformation in Chad by accelerating the development of strategic infrastructure, including expanding electricity and water networks, digitizing the economy, strengthening transportation networks and international corridors, and improving navigation in the major lakes and rivers, while strengthening public institutions to ensure effective and sustainable management.
The plan also aims to strengthen social policies in the fields of education, youth, health, vocational training and employment to support human capital development and promote social inclusion, in addition to expanding and diversifying the base of the economy and encouraging national industries “Made in Chad” by developing the sectors of agriculture, livestock, fishing, hydrocarbons, mining and tourism, as well as improving the business environment and activating economic diplomacy to enhance the country’s attractiveness for investment.
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