ADFD participates in annual meetings of Islamic Development Bank
Abu Dhabi,30 Apr 2024
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 programs.
The meetings included a series of events and forums in the presence of high-level experts from governments and regional and international organizations who praised IsDB’s role and its efforts towards achieving economic and social development for the bank’s member states.
His Excellency Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development, 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 maximize results and joint work to reduce the costs of managing development operations are two main goals for all institutions and funding funds.
“Fifty years of cooperation and joint work among members of the Coordination Group contributed to achieving many accomplishments. The beneficiary communities were able to access health and educational services, and the movement of goods and people was facilitated, allowing partner countries to build their economies and stimulate positive growth,” H.E. Al Suwaidi added.
He stated that over the past 50 years, the group had been able to build advanced infrastructure in more than 130 countries around the world, in addition to building the capabilities of partner country institutions, training individuals, and exchanging knowledge. He pointed out that the presence of strong institutions capable of implementing its projects is necessary to sustain its impact. Members of the group have expanded their financing tools and means of implementation to meet the emerging needs of countries in 50 years and also to address global issues of concern.
H.E. Al Suwaidi confirmed that the members of the Coordination Group had funded many initiatives to address strategic development issues, notably the announcement in 2022 of support for issues related to climate change. The group provided US$24 billion, of which US$10 billion was allocated at COP 28 to support the transition to clean energy. Abu Dhabi Fund for Development worked to support clean energy projects by financing an initiative worth US$350 million in cooperation with the International Renewable Energy Agency (IRENA) to finance energy projects in developing countries. Also, ADFD provided US$100 million to support two initiatives in the Pacific and Caribbean Islands, and a US$400 million initiative to support the Energy Transition Accelerator Financing (ETAF).
