Abu Dhabi funds Comoros power grid projects with 10m USD

Dubai

An Abu Dhabi fund and Comoros signed a deal Saturday on a grant worth 40 million dirham (10.89 million U.S. dollars) to finance the Comoros power grid project, official WAM news agency reported.
The Abu Dhabi Development Fund (ADFD) and the Comoros government on Saturday signed a memorandum of understanding (MoU) on the Abu Dhabi government grant, the report said.
The agreement was signed by Mohammed Seif Al-Suwaidi, Director General ADFD and Sayyed Ali Syed Sheikhan, Minister of Finance and Budget of the Comoros Islands, at the headquarters of the fund.
“The project provides 11 megawatts of electricity and aims at supporting the economy of the Comoros by establishing an advanced electric network that will increase the efficiency of energy production and enhance its ability to support diverse economic sectors and overcome the most important development challenges,” said the WAM report.
Al Suwaidi said “the UAE has close ties with the Comoros and the grant from the government of Abu Dhabi is in line with the directives of His Highness Sheikh Khalifa bin Zayed Al-Nahyan, President of the UAE.
He pointed out that the grant allocated by the government of Abu Dhabi to support the electricity sector “will improve the electricity supply in the Comoros and thus improve the living conditions of the population, he said.
According to WAM, the activity of the ADFD in the Comoros goes back to 1979, when the fund provided finance for five development projects with a total value of 69 million dirhams (18.80 million dollars), covering transport, education, health and electricity sector. —Xinhua

Share this post

PinIt
    scroll to top