UAE fund opens 3rd round of USD-350m green loan programme

Dec 8, 2014 - The Abu Dhabi Fund for Development (ADFD) is accepting bids as part of the third funding cycle under its USD-350-million (EUR 285m) concessional loans programme for renewable energy projects in developing countries.

Applicants can now file their requests for funding until February 18, 2015, according to a press release published yesterday.

ADFD has developed the concessional loans programme in coordination with the International Renewable Energy Agency (IRENA), with the plan to distribute the USD 350 million over seven years. In January 2014 it awarded USD 41 million in first-cycle financing to 35 MW of green projects in Ecuador, Sierra Leone, the Maldives, Mauritania, Samoa and Mali. In the second cycle, planned for January 2015, ADFD will provide USD 59 million more. The recipient countries from the second round will be unveiled during the IRENA General Assembly between January 17 and January 24, 2015.

As previously reported by the Gulf News, ADFD will provide loans with interest rates of only 1% and 2% to successful projects.

During the first two cycles, the ADFD has received over USD 1.5 billion worth of loan requests, IRENA’s director general Adnan Amin said in the statement.

(USD 1.0 = EUR 0.816)

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