ADFD invests Dhs35.3 billion in projects across 42 African nations - GulfToday

ADFD invests Dhs35.3 billion in projects across 42 African nations

ADFD provided essential support to help Africa achieve their developmental goals.

ADFD provided essential support to help Africa achieve their developmental goals.

The Abu Dhabi Fund for Development (ADFD), over the past four decades, has invested Dhs35.3 billion in sustainable development projects across 42 African countries. As a strategic partner, ADFD provided essential support to help these nations achieve their developmental goals.

In 2023, ADFD played a key role in a UAE-led initiative worth Dhs16.5 billion ($4.5 billion) to enhance Africa’s clean energy infrastructure. This initiative, supported by both public and private sectors, was forged in collaboration with the Africa50 fund, a pan-African investment platform that was established by African governments and the African Development Bank to help bridge Africa’s infrastructure funding gap by facilitating project development, mobilising public and private sector finance, and investing in infrastructure on the continent.

Mohammed Saif Al Suwaidi, ADFD Director-General, emphasised the UAE’s commitment to supporting African nations in their pursuit of economic and social progress.

Over the last decade, he said, ADFD has made significant contributions to infrastructure development, economic diversification, and unlocking the full potential of African economies.

In Togo, ADFD financed the Mohamed bin Zayed Solar PV Complex in Blitta province, valued at AED55 million, with a capacity of 50 megawatts (MW) in its first phase. This project powers over 158,000 households and SMEs with sustainable electricity, reducing reliance on coal and fossil fuels.

In 2022, the Abu Dhabi Exports Office (ADEX) signed an agreement worth Dhs128.5 million with Togo’s Ministry of Economy and Finance to raise the production capacity of the Mohamed bin Zayed Solar Park in the country from 50 megawatts to 70 megawatts and install a 4 MW-hour solar energy production storage system, enhancing energy sustainability and climate resilience.

In Sierra Leone, ADFD funded a 6 MW solar power plant in Freetown, which improved the stability of the national electricity grid and provided sufficient energy for rural villages.

The Nuno-Modogashe Road project in Kenya, financed with Dhs37 million, aims to facilitate transportation in northeastern Kenya, home to 75 per cent of the country’s livestock and connecting northern and southern Kenya with neighbouring countries.

ADFD also financed projects on the Senegal River, Africa’s ninth-longest river, flowing through Guinea, Mali, Senegal, and Mauritania. The Dhs99 million investment covers hydroelectric and irrigation projects.

In Seychelles, ADFD funded two renewable energy projects on Romainville and Mahé islands worth Dhs64.2 million to boost the country’s renewable energy production.

In Lesotho, ADFD financed the Butha-Buthe water network project with Dhs73 million, providing 9,000 cubic metres of clean water daily to meet residential and industrial needs until 2045, reducing waterborne diseases by 50 per cent.

The Gudule General Hospital in South Sudan, funded with an Dhs36 million UAE grant, supports the healthcare sector by establishing a 60-bed hospital equipped with modern medical facilities to serve Juba and surrounding areas.

Meanwhile Abu Dhabi Fund for Development (ADFD) participated in the annual meetings of the Islamic Development Bank (IsDB) Group, held in Riyadh from April 27 to 30, in conjunction with the celebration of the bank’s golden jubilee. The meetings were held under the theme “Cherishing our Past Charting our Future: Originality, Solidarity and Prosperity”.

Abu Dhabi Fund for Development held separate meetings with ministers, senior officials, and strategic partners from different countries, discussing cooperation, as well as innovative and sustainable financing solutions to support developing countries in achieving their respective development goals and programmes.

The meetings included a series of events and forums in the presence of high-level experts from governments and regional and international organisations who praised IsDB’s role and its efforts towards achieving economic and social development for the bank’s member states.

Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD), participated in a main session that highlighted the importance of the initiatives and achievements of the Arab Coordination Group and discussed ways to strengthen the partnership between the members of the group. He stressed the importance of the partnership between the members of the group, which is considered a strategic alliance that provides a coordinated response to financing development. He pointed out that creating a better life for communities requires an advanced partnership that is sustainable in its impact, especially since integration to maximise results and joint work to reduce the costs of managing development operations are two main goals for all institutions and funding funds.

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