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Abu Dhabi Fund for Development finances renewable energy projects worth AED4.4 billion

20 January 2019 18:18 570

ABU DHABI. KAZINFORM From its inception in 1971 until December 2018, the Abu Dhabi Fund for Development, ADFD, the leading national entity for international development aid, has financed hundreds of development projects worth AED4.4 billion (US$1.187 billion) in the renewable energy sector around the world.

Driving the objectives of the United Nations' Sustainable Development Goals, SDGs, these projects have contributed to the production of about 2,584 MW of renewable energy in different countries, WAM reports.

Since 1974, ADFD has contributed to financing about AED2.7 billion ($737 million) in renewable energy projects through joint financing agreements with the governments of many developing countries. The remaining funds were allocated through innovative and strategic partnerships including the seven-cycle AED1.285 billion ($350 million) IRENA/ADFD Project Facility, the AED183.4 million ($50 million) UAE-Caribbean Renewable Energy Fund (UAE-CREF), as well as the UAE-Pacific Partnership Fund, UAE-PPF, valued at AED183.4 million ($50 million).

Mohammed Saif Al Suwaidi, Director-General of ADFD, said, "The Abu Dhabi Fund for Development believes in the vital role the renewable energy sector plays in attaining the sustainable development goals in developing countries. This important sector stimulates economic growth, creates employment opportunities, drives innovation, supports the advancement of other key sectors, and optimises the use of natural resources - all crucial factors in improving people's lives."

"Over the past four-and-a-half decades, ADFD has financed projects in the renewable energy sector that meet the national priorities of developing countries. Through securing sources of energy, these projects have enabled the production of low-cost, affordable electricity and improved standards of living in these countries," Al Suwaidi added.

In addition to supporting sustainable development in key socio-economic sectors, ADFD has funded important renewable energy projects.

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Keywords: World News,
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