The Abu Dhabi Fund for Development (ADFD), in conjunction with the IFC, International Finance Corporation, a member of the World Bank Group, signed an agreement at the World Government Summit. This was to facilitate investments in emerging markets that are related to the clean energy transition, climate mitigation, adaptation, adoption of clean technologies, and other issues.
The cooperation framework is designed to enhance strategic collaboration between organizations in key areas. It also allows for co-investment of up to AED5.5 million in private sector-led projects.
This new cooperation will also allow for a better exchange of knowledge, which leverages the best practices and global expertise from both parties. Director General of the ADFD, His Excellency Mohamed Saif Al Suwaidi, and Managing Director of IFC, Mr. Makhtar Diop signed the agreement.
H.E. Al Suwaidi said that the Strategic Partnership with the IFC offered promising opportunities to achieve the Sustainable Development Goals of developing countries. The cooperation framework will increase investment in climate and food safety projects in critical sectors like renewable energy as well as food security. He said that it will stimulate both national and developing country economic activity, which will allow countries to reach their development goals.
The agreement between ADFD and IFC will enhance cooperation and exchange of experience, particularly in support of small and medium enterprises. This will encourage the growth of private businesses in developing countries and promote economic development.