The collaborative framework aims to boost climate business and food security through a joint investment program of up to AED5.5 billion (US$1.5 billion) in private sector-led projects.
Abu Dhabi, United Arab Emirates, February 14, 2023–(Business Wire) – The Abu Dhabi Foundation for Development (ADFD) and the International Finance Corporation (IFC), a member of the World Bank Group, signed a memorandum of cooperation on the sidelines of the World Government Summit to support investment in clean energy transitions, climate mitigation and adaptation, and clean technologies in emerging markets adoption and food security, among others.
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HE Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Development Fund (right); together with HE Makhtar Diop, Managing Director of IFC; after signing the agreement (Photo: AETOSWire).
The cooperation framework aims to strengthen the strategic cooperation between the two organizations in several key areas, including through joint investments of up to AED5.5 billion (US$1.5 billion) in private sector-led projects.
The new collaboration also paves the way for enhanced knowledge exchange leveraging the best practices and global expertise of both parties. The agreement was signed by His Excellency Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Development Fund; Mr. Makhtar Diop, Managing Director of IFC.
HE Al Suwaidi said the strategic partnership with IFC offers promising opportunities to achieve the Sustainable Development Goals in developing countries. “The collaborative framework will facilitate investment in climate and food security projects in key sectors such as renewable energy and food security. It will also help stimulate economic activity in the national private sector and in developing countries, enabling countries to achieve their development goals and program,” he said.
“To tackle climate change, ensure food security, and tackle unemployment, we need a strong private sector,” said IFC Managing Director Makhtar Diop. “We are joining forces with ADFD to co-finance private sector projects to address our most pressing challenges time.”
Through the Memorandum of Cooperation, ADFD and IFC will aim to strengthen cooperation and exchange of experiences, especially in supporting SMEs for economic development by encouraging the growth of private enterprises in developing countries.
*source: ATS wire
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