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Abu Dhabi: An electricity distribution project financed by Abu Dhabi Fund for Development, one of the UAE’s major financial institutions, has been launched in Guinea. The National Distribution Center, set up at a cost of AED67.5 million (US$18.36 million), promises to significantly enhance energy supply in the country and boost rural economy and standard of living.
The project is part of a larger sustainable-development initiative undertaken by ADFD in the West African republic, for which AED330.5 million (US$90 million) had been allocated by the Abu Dhabi government in 2012. It was inaugurated by Her Excellency Bountouraby Yattara, the Minister of Energy in Guinea, in the presence of delegates from the Fund.
Commenting on the occasion, HE Mohammed Saif Al Suwaidi, Director General of ADFD, said: “We are happy to have accomplished the project, overcoming critical challenges posed by the coronavirus pandemic. The timing of the launch could not have been better, as the country needs such support now more than ever. It will generate employment and illuminate the lives of the people in every other way at this otherwise dark period.”
He underscored the significance of the strategic initiative in terms of fulfilling the Fund’s primary objective of driving the economies of developing nations, reiterating ADFD’s commitment to follow up on timely implementation of all projects in the country regardless of any challenges. “This is our priority as it will have a direct bearing on various sectors including agriculture, health, industry and education.”
The centre, which is integrated with the West African Power Pool Program, a cooperation of the national electricity companies in West Africa under the auspices of the Economic Community of West African States (ECOWAS), will ensure uninterrupted and stable supply in accordance with international quality standards and tackle the increasing energy demand and load.
The project focuses on building community and developing local capacity and efficiency. It also comprises provision of training for operations and maintenance personnel, advisory services and supervision of the management of power stations.
Abu Dhabi Fund for Development undertook development initiatives in Guinea in 1977. Since then it has provided a total of AED345 million towards development projects, particularly in the energy and agricultural sectors.
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About Abu Dhabi Fund for Development (ADFD)
Abu Dhabi Fund for Development (ADFD) is a leading national entity for economic development aid owned by the Abu Dhabi government. Established in 1971, it aims to help emerging countries by providing concessionary loans to finance sustainable development projects as well as administering long-term investments and direct contributions. In addition to managing development grants offered by the Abu Dhabi government, ADFD has adopted a policy of supporting the national economy and financing UAE private sector investments. Since its inception, ADFD has marked developmental milestones in 97 developing countries. Spanning the last 49 years, the Fund's development projects and investments, valued at AED104 billion, have helped the beneficiary countries to achieve sustainable economic growth.
© Press Release 2020
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