The Abu Dhabi Fund for Development announced today the results of the seventh financing cycle of the initiative to finance renewable energy projects, in cooperation with the International Renewable Energy Agency (IRENA), where the Fund agreed to allocate 384 million dirhams to finance renewable energy projects in Nepal and Chad, Saint Lucia, Cuba Burkina Faso, Saint Vincent and the Grenadines, Maldives, Antigua and Barbuda, during the 10th session of the General Assembly of (IRENA) in Abu Dhabi.
The announcement of the results of the seventh financing cycle comes within the initiative of the Abu Dhabi Fund for Development to support renewable energy projects in developing countries, which was launched in 2013, where the Fund pledged 1.285 billion dirhams in cooperation with IRENA over seven financing cycles.
The announcement of the results came during a speech delivered by the Director General of the Abu Dhabi Fund for Development, Mohammed Saif Al Suwaidi, within the works of the main session of the 10 th session of the General Assembly of IRENA, which was held in Abu Dhabi with the participation of 150 countries.
Al Suwaidi stressed in the keynote speech, “The rational leadership’s keenness to support global efforts to develop renewable energy projects and enhance their spread, which is embodied in the UAE’s embrace of the International Renewable Energy Agency since 2009, which calls us to accelerate our efforts and facilitate financing operations and achieve economic, social and environmental benefits for countries Members of the agency.
He added that «Abu Dhabi Fund for Development paid special attention to the renewable energy sector, as the fund took upon itself to assist developing countries in providing renewable energy to achieve sustainable economic and social development.
Al-Suwaidi said that "the fund financed, during seven financing cycles, 32 projects of renewable energy that 26 countries benefited from," noting that "those projects contributed to improving the living conditions of millions of people, and it will also produce 200 megawatts of electricity from renewable energy sources at prices Reasonable income for low-income societies, in addition to their positive effects on achieving sustainable development in the beneficiary countries, and those projects have worked to improve the quality of health and educational services, in addition to their role in reducing harmful emissions to the environment, and contributing to limiting the spread of the phenomenon of change. Nacha ».
And he pointed out that since 1974 the fund has funded renewable energy projects in many developing countries with a total value exceeding 4.4 billion dirhams, allocated to finance nearly 78 projects that contributed to the production of 2,625 megawatts of renewable energy.