ADFD's $9.61 Billion Investment Empowers African Development

UAE, 30 May, 2024 : The Abu Dhabi Fund for Development (ADFD) has injected AED35.3 billion into sustainable development projects across 42 African countries over the past four decades. Serving as a strategic partner, ADFD has played a crucial role in helping these nations achieve their developmental objectives.

In 2023, ADFD was instrumental in a UAE-led initiative valued at AED16.5 billion ($4.5 billion) aimed at bolstering Africa's clean energy infrastructure. This initiative, supported by both public and private sectors, was forged in collaboration with the Africa50 fund, a pan-African investment platform established to address Africa's infrastructure funding gap.

Mohammed Saif Al Suwaidi, ADFD Director-General, underscored the UAE's dedication to supporting African nations in their quest for economic and social advancement. Over the past decade, ADFD has significantly contributed to infrastructure development, economic diversification, and unlocking the potential of African economies.

Among the notable projects, ADFD financed the Mohamed bin Zayed Solar PV Complex in Togo, valued at AED55 million, providing sustainable electricity to over 158,000 households and SMEs. In Sierra Leone, a 6 MW solar power plant funded by ADFD improved the national electricity grid's stability.

In Kenya, the Nuno-Modogashe Road project, financed with AED37 million, aims to enhance transportation in northeastern Kenya, a vital region for livestock farming. ADFD also invested in hydroelectric and irrigation projects along the Senegal River, spanning Guinea, Mali, Senegal, and Mauritania.

In Seychelles, renewable energy projects on Romainville and Mahé islands, worth AED64.2 million, were funded by ADFD to boost the country's renewable energy production. Additionally, ADFD financed the Butha-Buthe water network project in Lesotho and the Gudule General Hospital in South Sudan, supporting healthcare infrastructure in these nations.

These initiatives reflect ADFD's commitment to driving sustainable development and fostering enduring partnerships across Africa.

Source : www.zawya.com