Abu Dhabi Fund for Development (ADFD) and the International Finance Corporation (IFC), a member of the World Bank Group, have signed a Memorandum of Cooperation (MoC) during the World Government Summit (WGS) to support investments in clean energy transition, climate mitigation and adaptation, the adoption of clean technologies, and food security amongst others.
The cooperation framework aims to strengthen the strategic collaboration between the two organizations in several key areas, including by co-investing up to $1.5 billion in private sector-led projects.
The new cooperation, signed by Mr. Mohamed Saif Al Suwaidi, Director-General of the ADFD, and Mr. Makhtar Diop, Managing Director of IFC, also paves the way for an enhanced exchange of knowledge that leverages best practices and global expertise of both parties.
Mr. Al Suwaidi stated that this partnership presented promising opportunities for attaining the sustainable development goals of developing countries.
“The cooperation framework will boost investment in climate and food security projects in crucial sectors such as renewable energy and food security. It will also help stimulate economic activity in both the national private sector and in developing countries, enabling countries to achieve their development goals and programs.”
Mr. Diop stated that “To tackle climate change, ensure food security, and address unemployment, we need a strong private sector. We are joining forces with ADFD to co-finance private sector projects that address the most pressing challenges of our time.”
Through the MoC, ADFD and IFC will work to enhance cooperation and exchange of experiences, especially in supporting small and medium enterprises to promote economic development by encouraging the growth of private business enterprises in developing countries.