Abu Dhabi Fund for Development participates in the annual meetings of the Islamic Development Bank Group
ABU DHABI, 30 APRIL / WAM / The Abu Dhabi Fund for Development participated in the annual meetings of the Islamic Development Bank Group, which were held during the period from 27 to 30 April 2024 in Riyadh under the slogan “Taking pride in our past and shaping our future: authenticity, solidarity and prosperity,” in conjunction with the celebration of the bank’s golden jubilee.
During the bank’s annual meetings, the Abu Dhabi Fund for Development held meetings with a number of ministers, senior officials and strategic partners from various countries, where they discussed ways to enhance joint cooperation and find innovative and sustainable financing solutions to support developing countries and enable them to achieve their development goals and programs that contribute to the development and prosperity of their societies. .
The meetings included a series of events and forums in the presence of high-level experts from governments and regional and international organizations who praised the Bank’s role and its continuing efforts in achieving economic and social development for the Bank’s member states.
His Excellency Mohammed Saif Al Suwaidi, Director General of the Abu Dhabi Fund for Development, also participated in one of the main sessions on the importance of the initiatives and achievements of the Arab Coordination Group, and discussed ways to strengthen the partnership between the members of the group. During the session, His Excellency stressed the importance of the partnership between the members of the group, which is considered a strategic alliance that provides a coordinated response. To finance development, pointing out that creating a better life for communities requires an advanced partnership that is sustainable in its impact, especially since integration to maximize results and joint work to reduce the costs of managing development operations are two main goals for all institutions and funding funds.
His Excellency added that fifty years of cooperation and joint work among the members of the Coordination Group contributed to achieving many achievements, as the beneficiary communities were able to access health and educational services, and also facilitated the movement of goods and people, which allowed the partner countries to build their economies and stimulate positive growth.
His Excellency stated that the group has been able, over the past five decades, to build advanced infrastructure in more than 130 countries around the world, in addition to building the capabilities of partner country institutions, training individuals, and exchanging knowledge, pointing out that the presence of strong institutions capable of implementing its projects is necessary to sustain its impact. Members of the Group have expanded their financing tools and means of implementation to meet the emerging needs of countries in 50 years and also to address global issues of concern.
His Excellency confirmed that the members of the Coordination Group have funded many initiatives aimed at resolving strategic development issues, most notably the announcement in 2022 of support for issues related to climate change, as the group provided ($24 billion, of which $10 billion was allocated at the 28th Conference of the Parties in Dubai to support… Transition to clean energy. The Abu Dhabi Fund for Development also worked to support clean energy projects by financing an initiative worth $350 million in cooperation with the International Renewable Energy Agency – IRENA to finance renewable energy projects in developing countries, and providing $100 million to support two renewable energy project initiatives in Pacific and Caribbean Islands, and a $400 million initiative to support the ETAF Energy System Transformation Acceleration Platform.
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