An electricity distribution project funded by Abu Dhabi Fund for Development (ADFD), UAE’s leading financial institution has been launched in Guinea, West Africa.
The National Distribution Center which is developed for $18.36 million (AED 67.5 million), aims to significantly enhance the country’s energy supply and improve the rural economy and living standards.
The venture is part of a larger sustainable development program commenced in the West African Republic by ADFD, for which the Abu Dhabi government allotted $90 million (AED 330.5 million) in 2012. It was inaugurated in the presence of the Fund’s delegates by Bountouraby Yattara, the Minister of Energy in Guinea.
“We are happy to have accomplished the project, overcoming critical challenges posed by the coronavirus pandemic. The timing of the launch could not have been better, as the country needs such support now more than ever. It will generate employment and illuminate the lives of the people in every other way at this otherwise dark period.”
He stressed the importance of the strategic initiative in achieving the Fund’s primary goal of driving developing nations’ economies, restating the responsibility of ADFD to follow up on the timely implementation of all projects in the region, irrespective of any difficulties.
“This is our priority as it will have a direct bearing on various sectors including agriculture, health, industry and education,” pointed Mr. Al Suwaidi.
The Centre, which is integrated with the West African Power Pool Program, co-operates with national West African electricity companies under the auspices of the Economic Group of West African States (ECOWAS). This is intended to ensure an uninterrupted and reliable supply of electricity in line with international quality standards and to meet the growing demand and load for energy.
As part of the Local Capacity and Productivity Building and Economic Development Package, the project also includes the training of operations and maintenance workers, consulting services, work performance monitoring and oversight of power station management.
The Abu Dhabi Fund for Development took over development initiatives in Guinea in 1977. Since then a total of $93 million (AED 345 million) has been earmarked for development projects by ADFD, especially in the energy and agricultural sectors.