AfDB and ADFD signs MOU at Dubai EXPO 2020

Apr 25, 2022 | Financing

The African Development Bank and the Abu Dhabi Fund for Development signed a Memorandum of Understanding at the Dubai EXPO 2020

AfDB and ADFD signs MOU at EXPO 2020

The African Development Bank and the Abu Dhabi Fund for Development signed a Memorandum of Understanding at the Dubai EXPO 2020

The President of the African Development Bank, Dr Akinwumi A. Adesina, and the Director-General of the Abu Dhabi Fund for Development, His Excellency Mohammed Saif Al Suwaidi, signed a Memorandum of Understanding (MoU) on March 30, during the Bank President’s three-day official visit to the Dubai Expo 2020 – AfDB. The main objective of the MoU, as reported by the Abu Dhabi Development Fund, is to strengthen investment cooperation in key sectors of the African economy.

“Africa is the world’s next growth frontier, and we don’t want to miss it.” Suwaidi

Indeed, the UAE and the African Development Bank are looking for a long-term partnership in renewable energy, agriculture and agribusiness – AfDB. Specifically, in the AfDB-sponsored “Desert to Power” initiative in the Sahel region, a project that the AfDB says will connect 250 million or more people to electricity through solar power.

Six hundred twenty million people do not have access to electricity in sub-Saharan Africa. The latter figure will remain high, at 530 million people in 2030, partly due to population growth – that’s 4 in 10 people – IEA

“We are keen to see the UAE become a valuable partner and major investor in Africa,” said Mr Adesina.

The UAE is seen as the ideal partner for such an energy initiative as it has made considerable progress in the field of renewable energy, which accounts for 10 per cent of the country’s total energy mix and 25 per cent of total electricity generation – International Renewable Energy Agency (IRENA) and UAE Energy Strategy 2050.

For more information on energy projects and funding in the Middle East and Africa, reach out to us here.

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