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ADFD completes AED 117m renewable energy projects in five countries

ADFD completes AED 117m renewable energy projects in five countries
These projects have resulted in economic benefits

UAE - Mubasher: Abu Dhabi Fund for Development (ADFD) completed five renewable energy projects valued at AED 117.3 million in five partner countries in 2020.

These projects have resulted in economic benefits for Cuba, Somaliland, the Bahamas, Barbados, and Saint Vincent and the Grenadines, according to a press release on Thursday.

Meanwhile, the renewable energy projects have helped those countries to cut their carbon emissions by infusing a total of 14.38MW into the energy mix.

In January 2020, the Fund has allocated around AED 384 million ($104.5 million) for eight renewable energy initiatives, as part of the seventh cycle of its partnership with the International Renewable Energy Agency (IRENA).

In addition, the Fund inked three loan agreements worth AED 121 million ($33 million) with the West African nations of Togo, Niger, and Liberia.

The ADFD also funded a waste-to-energy project in the Maldives.

Eight projects were also to be financed in Antigua and Barbuda, Burkina Faso, Chad, Cuba, the Maldives, Nepal, Saint Lucia, and Saint Vincent and the Grenadines, raising cumulative funding to AED 1.28 billion ($350 million).

The Director General of ADFD, Mohammed Saif Al Suwaidi, said: "We doubled our effort to ensure that we delivered the projects to our partner countries, especially during such a time of crisis. The aim was to help them maintain their economic and social-development trajectories by enabling them to meet developmental challenges during the pandemic."