Abu Dhabi Fund for Development (ADFD), the leading national entity for economic development aid, formalised three loan agreements valued at US$33 million (AED121 million) with the Governments of Togo, Niger and Liberia.
The agreements were signed in Abu Dhabi during the 10th Session of the International Renewable Energy Agency (IRENA) Assembly. His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, signed the three loan agreements detailing the funding terms with His Excellency Sani Yaya, Togolese Minister of Economy and Finance, His Excellency Agada Garba, Ambassador of Niger to the UAE, and His Excellency Samuele Lande, Consul General of Liberia to the UAE.
The capital is to be channelled into three renewable energy projects in the West African nations within the framework of the IRENA/ADFD Project Facility. US$10 million (AED37 million) has been allocated for the 2.1 MW solar rural electrification project that will benefit 100 villages in Niger. A second allocation of US$8 million (AED29 million) is to finance the 2.1 MW River Gee mini-hydro project in Liberia, while US$15 million (AED55 million) has been earmarked for the 30 MW Blitta solar PV project in Togo.
Speaking about the alternative energy projects, His Excellency Mohammed Saif Al Suwaidi said: “ADFD is delighted to support the Governments of Togo, Niger and Liberia in achieving their national priorities and to advance clean energy alternatives that align with the United Nations’ Sustainable Development Goals.”
He added: “Benefiting more than 750,000 households, the three renewable energy ventures will help stimulate long-term economic growth, create job opportunities, enhance climate resilience, and ensure electricity access in small villages located far from centralised power grids.”
In 2013, ADFD committed US$350 million (AED1.28 billion) to the IRENA/ADFD Project Facility over seven funding cycles to support renewable energy projects in IRENA-member developing countries.
Since its inception in 1971, ADFD has funded development projects in 94 countries, including 40 African nations, to the tune of AED92 billion through concessionary loans, government grants, and investments. ADFD has also invested in eight companies and two private equity funds to boost a variety of sectors on the African continent.
Original source: ADFD
Published on 13 January 2019
