PHOTO
Abu Dhabi Fund for Development (ADFD), a government funded aid finance institution, has allocated approximately $105 million for eight renewable energy projects with the International Renewable Energy Agency (IRENA).
The IRENA/ADFD Project Facility will fund projects in Antigua and Barbuda, Burkina Faso, Chad, Cuba, the Maldives, Nepal, Saint Lucia and Saint Vincent and the Grenadines.
The project comes under the seventh cycle of its partnership with IRENA and marks a record level of funding for any cycle of the IRENA/ADFD Project Facility that was launched back in 2012 and brings the cumulative funding to $350 million, according to a statement from ADFD.
“The Fund’s commitment to this priority has enhanced long-term growth prospects and yielded socio-economic benefits for millions of lives in line with the national objectives of the beneficiary countries,” said Mohammed Saif Al Suwaidi, Director General of ADFD.
The Facility supports developing countries in securing low-cost capital for renewable energy projects to increase energy access, improve livelihoods and advance sustainable development on the ground.
“The record levels of funding announced in this cycle of the facility will not only support the eight chosen countries in their pursuit of energy and climate plans but will also further global ambitions to build a sustainable future,” Francesco La Camera, Director-General of IRENA said.
After its first phase of projects selection in 2014, ADFD has funded 32 renewable energy projects worldwide.
(Writing by Gerard Aoun; editing by Seban Scaria)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2020
