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Abu Dhabi Fund announces to support Nepal

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Kathmandu: The Abu Dhabi Fund for Development (ADFD) has announced that it will assist Nepal with USD 10 million to generate electricity from waste.

The announcement was made at an International Renewable Energy Agency (IRENA) conference held on Sunday in Abu Dhabi, United Arab Emirates. Energy Minister Mr Barsha Man Pun, who is leading a Nepali delegation, is attending the meeting.

ADFD said- “In Nepal, a receive US$10 million of ADFD, and it will support 20 biogas digesters that act as a demonstration unit to 270 municipalities. The digesters will convert organic waste into useful energy and offset the use of fossil fuels by replacing it with renewable natural gas.”While speaking during the IRENA Assembly, Minister Pun thanked the ADFD for pledging the aid.

However, Nepal is not alone in receiving such aid from the ADFD. From the IRENA / ADFD project facility, USD 105 million of the fund will be used for eight renewable projects in developing countries, including Nepal. The fund will be used for development of wind, solar, waste-energy and biogas projects in Antigua and Barbuda, Burkina Faso, Chad, Cuba, Maldives, Nepal, St. Lucia and St. Vincent and the Grenadines.

“The funds have made the largest annual contribution from the initiative, which has provided $350 million in financial assistance to developing countries over the past seven years in developing countries”-the release said.

Irena director-general Francesco La Camera said that the overcoming the investment needs for energy transformation infrastructure is one of the most notable barriers to the achievement of national goals. Therefore, the provision of capital to support the use of renewable energy is key to low-carbon sustainable economic development and plays a central role in bringing about positive social consequences.

Director-General of ADFD said the fund “has enhanced long-term growth prospects and yield socio-economic benefits for millions of lives in line with the national objectives of the beneficiary countries”.

ADFD Director General, Mohammed Saif Al Suwaidi said the fund has enhanced long-term growth prospects and yielded socio-economic benefits in the lives of millions in line with the national objectives of the beneficiary countries.”

Source: My Republica