Abu Dhabi Fund for Development discusses cooperation in renewable energy with IRENA

Published July 12th, 2009 - 05:22 GMT

His Excellency Mohammed Saif Al Suwaidi, Acting Director General of Abu Dhabi Fund for Development (ADFD), discussed potential cooperation and joint venture agreements in the renewable sector in developing countries with Ms. Hélène Pelosse, Director General of International Renewable Energy Agency (IRENA) at the Fund's offices in Abu Dhabi. The Abu Dhabi Government is providing AED 183 million ($50 million) as concessionary loans to developing countries through ADFD.

Al Suwaidi congratulated Ms. Pelosse for heading the Abu Dhabi-based IRENA, highlighting the outstanding focus on renewable energy that Abu Dhabi Government is undertaking with initiatives such as Masdar, the world's first carbon-zero city, Zayed Award for Future Energy and Masdar Institute for Science and Technology.

Stressing that ADFD's policy takes into consideration the environmentally-friendliness of any project when giving go-ahead to finance it, Al Suwaidi said, "Renewable energy is one of the vital sector for ADFD, given its pivotal role in saving energy for generations to come in developing countries."

ADFD is currently financing various energy-relates project in many developing countries such as new dams, power plants, and water projects.


About Abu Dhabi Fund for Development:

The Abu Dhabi Fund for Development (ADFD) is a national institution under the Abu Dhabi government. It was established in 1971, to help financing development projects in developing countries by providing concessionary loans and other forms of financial assistance. Since its inception, the Fund has provided aid worth of more than AED 13 billion to finance 200 development projects- Abu Dhabi government has provided aid worth of AED 9.7 billion to finance 61 development projects that supervised, executed and evaluated by the ADFD.


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