6 November 2024, Wed |
1:26 AM
The World Government Summit saw the signing of a Memorandum of Cooperation (MoC) between the Abu Dhabi Fund for Development (ADFD) and the International Finance Corporation (IFC), a part of the World Bank Group, to support investments in developing nations related to the transition to clean energy, climate mitigation and adaptation, the adoption of clean technologies, and food security, among other things.
The objective of the partnership plan is to enhance the strategic cooperation between the two entities in various significant domains. This includes investing jointly in privately-led initiatives of up to AED 5.5 billion ($1.5 billion).
The enhanced collaboration also creates an opportunity for increased sharing of knowledge that utilizes the best methods and worldwide knowledge of both parties.
The agreement was signed by Mohamed Saif Al Suwaidi, Director-General of the ADFD; and Makhtar Diop, Managing Director of IFC.
Al Suwaidi stated that this partnership presented promising opportunities for attaining the sustainable development goals of developing countries.
Suwaidi said “The cooperation framework will boost investment in climate and food security projects in crucial sectors such as renewable energy and food security. It will also help stimulate economic activity in both the national private sector and in developing countries, enabling countries to achieve their development goals and programmes.”
Diop, in turn, stated, “To tackle climate change, ensure food security, and address unemployment, we need a strong private sector. We are joining forces with ADFD to co-finance private sector projects that address the most pressing challenges of our time.”
Through the MoC, ADFD and IFC will aim to improve their collaboration and sharing of information, particularly in regards to assisting small and medium-sized businesses that support economic development through fostering the expansion of private business companies in developing nations.
