Abu dhabi: The Republic of Chad has announced that it has secured two-thirds of the funding required for its five-year National Development Plan, 'Chad Connection 2030', amounting to $20.5 billion, through partnerships and agreements signed during the UAE-Chad Trade and Investment Forum in Abu Dhabi.
According to Emirates News Agency, the announcement was made at the conclusion of the UAE-Chad Trade and Investment Forum, held on 10th-11th November, which marked the international launch of 'Chad Connection 2030'. The plan aims to enhance the country's openness to global trade and investment, stimulate economic growth, and drive comprehensive development.
During the forum, 40 Memorandums of Understanding (MoUs) were signed with private sector entities in strategic sectors to diversify Chad's economy, such as energy, agriculture, mining, textiles, tourism, education, and manufacturing. Chad also secured financing agreements and commitments from 30 donor entities and international financial institutions, including the World Bank Group, the Islamic Development Bank, the African Development Bank Group, the Arab Bank for the Economic Development of Africa, and Afreximbank.
More than 2,000 participants attended strategic dialogue sessions during the forum, including senior leaders and officials, as well as prominent business leaders and investors. Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade, announced the completion of negotiation terms for the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Chad, which will be finalised by the end of this year.
At the forum's conclusion, Marshal Mahamat Idriss D©by Itno, President of the Republic of Chad, expressed gratitude to partners contributing to mobilising around $16.4 billion, along with private sector investors who signed agreements and MoUs worth $4.1 billion. He noted that Chad has successfully mobilised $20.5 billion in the first year of the five-year plan, confirming the goal of $30 billion is achievable. He called for continued reforms to reduce bureaucracy and improve the business climate.
The 'Chad Connection 2030' plan is based on four main pillars implemented through 17 programmes comprising 268 projects and reforms aimed at achieving economic and social transformation. These include accelerating the development of strategic infrastructure, expanding electricity and water networks, digitising the economy, enhancing transport networks, and strengthening public institutions.
The plan also seeks to strengthen social policies in education, youth, health, vocational training, and employment to support human capital development. Furthermore, it aims to expand and diversify the economic base and promote national industries under the 'Made in Chad' initiative, focusing on agriculture, livestock, fisheries, hydrocarbons, mining, and tourism sectors, alongside improving the business environment and activating economic diplomacy to attract investors.