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Argentine Economy Minister Visits ADFD

Abu Dhabi,05 Mar 2017

Abu Dhabi Fund for Development (ADFD) hosted a delegation from Argentina led by His Excellency Gonzalo Saglione, Minister of Economy from the Province of Santa Fe, at its headquarters. During the meeting, the two sides discussed long-standing bilateral ties between the ADFD and Argentina and focused on funding developmental projects in Argentina.

Welcoming the Minister and his entourage, His Excellency Mohammed Saif Al Suwaidi said: “Abu Dhabi Fund for Development identifies ways to build on existing relationships and renew partnerships. We enjoy close ties with Argentina and in particular the province of Santa Fe. Today, we seek to renew our ongoing cooperation, discuss new ventures and continue supporting the Argentinean government’s developmental goals and priorities.”

For his part, Minister Saglione elaborated on the socio-economic benefits resulting from ADFD’s multi-pronged approach to sustainable development and lauded ADFD for its significant support to developmental efforts in the developing countries.

ADFD enjoys a successful track-record of developmental projects in Argentina. In February 2016, the Fund signed an AED55 million (US$15 million) concessionary loan agreement with Argentina to finance the construction of the Nahave Hydropower project. The plant is designed to generate four megawatts of renewable energy and fuel the national power grid. Furthermore, the project will supply drinking water to the residents of Nahave and surrounding areas in the Neuquen province and irrigate 200 hectares of agricultural land across the northern regions of Argentina.

This contribution is in line with the AED1.285 billion (US$350 million) ADFD’s Initiative   announced in 2011. In which ADFD provides the developing countries who are member states of the International Renewable Energy Agency (IRENA) with funding for their renewable energy projects.