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The Abu Dhabi Fund for Development (ADFD) and the International Finance Corporation (IFC) will boost climate business and food security through a joint investment program of up to AED5.5 billion (US$1.5 billion) for private sector-led projects.
To this end, the two entities signed a memorandum of cooperation on the sidelines of the World Government Summit to support emerging market investments related to clean energy transition, climate mitigation and adaptation, clean technology adoption and food security, among others.
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 Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Development Foundation; and Makhtar Diop, Managing Director of International Finance Corporation, a member of the World Bank Group.
hopeful opportunity
Al Suwaidi said the strategic partnership with IFC offers promising opportunities to achieve sustainable development goals in developing countries. “The cooperative framework will facilitate investment in climate and food security projects in key areas 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 programs ,”He said.
“To combat climate change, ensure food security, and tackle unemployment, we need a strong private sector,” said IFC President Makhtar Diop. “We are joining forces with ADFD to co-finance private sector projects that address the most pressing challenges of our time.” “
Through the Memorandum of Cooperation, ADFD and IFC will strive to strengthen cooperation and exchange of experiences, especially in supporting SMEs for economic development by encouraging the growth of private enterprises in developing countries. — trade arab news agency
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