ADFD prop up the renewable energy sector in Mauritania
Mauritania,26 May 2014
<strong>“Establishment of 4 stations for power generation” <br />
ADFD prop up the renewable energy sector in Mauritania</strong>
<br /><br />
Abu Dhabi, 26th May 2014 – Abu Dhabi Fund for Development (ADFD) has signed a loan agreement with the government of Mauritania, by which ADFD will provide AED 18.36 million to contribute in financing 4 power stations in four different cities in Mauritania.
The agreement was signed by His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD and HE Humid Weld Ahmed Altaleb, ambassador of the Islamic Republic of Mauritania in the United Arab Emirates.
<br /><br />
The loan allocated in establishing 4 stations for electric power generation in four coastal cities in Mauritania; the 4 new stations will provide a power with a total capacity to 270 kilowatts through using the natural wind energy. The project will also contribute positively in reduction of carbon emissions and combat climate change, pollution and maintain clean environment.
<br /><br />
It is worth mentioning that the Abu Dhabi Fund for Development pay special attention to support renewable energy projects, which represent an important factor to achieve social and economic development, due to its directly contribution in cutback the costs of the fuel imports, therefore use these amounts of money in developing other economic and social sectors, which work in improving the elements of sustainable development and provide a decent life for the citizens of these countries.
<br /><br />
In this regard , Abu Dhabi Fund for Development was committed in 2009 to pledge development loans worth AED 1.285 billion ($350 million), The loans will be made in seven cycles of Dh183.6 million ($50 million) each for renewable energy projects in the developing countries. This initiative came based on ADFD’s belief that the developing countries have the right in developing the techniques and uses of renewable energy resources since its consider the key element in the process of sustainable development.
<br /><br />
Accordingly, ADFD by end of 2013 agreed upon funding six projects in the following countries: Ecuador, Maldives, Mali, Samoan Islands, Mauritania and Sierra Leon, with a total value of AED150.6 million ($41 million).
<br /><br />
“Developing countries have the challenge of accelerating economic growth, while facing constraints on natural resources,” said His Excellency Mohammed Saif Al Suwaidi, Director-General of ADFD. We are honored to support these projects and to showcase the viability of this sustainable development model.”
“This loan substantiates the strong desire of the ADFD, driven by the directives and direct follow-up of its wise leadership, to extend its commitment to help developing countries in need all over the world by contributing effectively to support the development process, and help them to overcome the difficult economic conditions by improving the performance the main economic sectors in those countries, leading to advancing sustainable development and the ability of its economies to create more employment opportunities.” Al Suwaidi added
Commenting on the project HE Humid Weld Ahmed Altaleb, the Mauritanian ambassador in the UAE “the project will undoubtedly improve the social life and provision of basic service for a number of the coastal cities in Mauritania through the delivery of adequate electrical supplies, consequently improving the living conditions of their people; an adequate supply of electricity will directly contribute to the stimulation of economic development, since the power shortage is one of the obstacles to economic and social development of many countries."<br /><br />
The UAE and Mauritania enjoy distinguished relations in several areas, strengthened over the years by the leaderships of the two countries. The UAE has offered constant support to sustainable development in Mauritania.<br /><br />
The United Arab Emirates provided ongoing support for efforts to achieve sustainable development in Mauritania through a grant worth AED 33 million, managed by Abu Dhabi Fund for Development; moreover, ADFD also gave 6 concessionary loans with a total value of AED 293.7 million allocated to finance the sectors most influential in accelerating the developmental process in Mauritania.
