ADFD extends US$ 14 mln loan to back waste-to-energy plant

Abu Dhabi Fund for Development (ADFD) has signed an agreement to provide a concessionary loan valued at USD 14 million to develop a new waste-to-energy plant in southernmost Addu City.

The loan was arranged on the sidelines of the COP21 summit held in Glasgow, Scotland, this year. The agreement was signed by Finance Minister Ibrahim Ameer and Director General of ADFD Mohammed Saif Al Suwaidi on December 13.

Under the agreement, 1.5 megawatts of clean energy generated via waste conversion will be supplied to over 6,000 households. The project will see the total waste volume on the island reduced by 10 percent. It has been reported that USD 28 million will be spent on the project.

According to the Finance Minister, waste conversion efforts contribute to the government strategies to reduce the release of harmful gases into the atmosphere. The government has said the project would create over 100 job opportunities.