Dubai: The Abu Dhabi Fund For Development (ADFD), an entity responsible for administering grants from the Abu Dhabi government, is lending the government of the Republic of Maldives Dh22 million.
The loan is for a renewable energy project that will generate enough energy to power 18 per cent of electricity needs in the northern city of Addu, the second largest city after the capital Male, according to an emailed ADFD statement on Wednesday.
The project involves installation of a power plant that will use waste to generate around 4 megawatts (MW) of energy from heat.
The loan agreement was signed by Mohammad Saif Al Suwaidi, Director General of ADFD, and Abdullah Jihad, the Minister of Finance and Treasury, Republic of Maldives.
“The project will also create hundreds of new jobs in energy and allied sectors. This will in turn help beneficiary countries diversify their economies and expand conventional energy sources,” stated Al Suwaidi.
ADFD said the project was selected as part of the first loan cycle of the Abu Dhabi headquartered International Renewable Energy Agency/ADFD Project Facility valued at Dh150.6 million ($41 million). The cycle is providing concessionary loans to renewable energy projects in Ecuador, Maldives, Mali, Samoa Islands, Mauritania and Sierra Leone.
