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Abu Dhabi Fund for Development funds Dh4.4B worth of projects

abu dhabi - Renewable energy projects account for Dh2.7 billion

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The Abu Dhabi Fund for Development (ADFD), the leading national entity for international development aid, has financed hundreds of development projects worth Dh4.4 billion ($1.187 billion) in the renewable energy sector around the world from its inception in 1971 until December 2018.

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

Since 1974, the ADFD has contributed to financing about Dh2.7 billion in renewable energy projects through joint financing agreements with the governments of many developing countries.

The remaining funds were allocated through strategic partnerships, including the seven-cycle Dh1.285 billion Irena/ADFD Project Facility, the Dh183.4 million UAE-Caribbean Renewable Energy Fund (UAE-CREF), as well as the UAE-Pacific Partnership Fund (UAE-PPF), valued at Dh183.4 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 and drives innovation." - Wam