Abu Dhabi Fund for Development, Argentine officials discuss support

Ways of enhancing long-standing bilateral ties with a focus on funding development projects in Argentina were discussed on Wednesday by Mohammed Saif Al Suwaidi, Director-General of Abu Dhabi Fund for Development, and Gonzalo Saglione, Minister of Economy of Economy of the Argentine province of Santa Fe, who was on a visit to the UAE.

The fund seeks to help the Argentine government achieve prioritised development goals, Al Suwaidi noted while underlining the importance of funding development projects in the South American country.

"The Abu Dhabi Fund For Development identifies ways of building on existing relationships and renewing partnerships. We enjoy close ties with Argentina and the province of Santa Fe in particular," Al Suwaidi said.

Saglione thanked the fund for supporting Santa Fe's renewable energy sector, and elaborated on the socio-economic benefits resulting from its multi-pronged approach to sustainable development.

He further lauded the fund for its significant support to development efforts in the developing countries.

Abu Dhabi Fund for Development enjoys a successful track-record of supporting development projects in Argentina. In February 2016, it signed an AED55 million concessionary loan agreement with Argentina to finance the construction of the Nahueve hydropower project. The plant was designed to generate four megawatts of renewable energy and supply the national power grid while providing drinking water to the residents of the town of Villa del Nahueve and surrounding areas in the Neuquen province and helping irrigate 200 hectares of agricultural land across the northern regions of Argentina.

This contribution was in line with an initiative launched in 2011 by Abu Dhabi Fund for Development in collaboration with the International Renewable Energy Agency (IRENA) to provide AED1.285 billion to fund renewable energy projects in developing countries that are members of IRENA. MMYS