Thu 26-11-2020 18:01 PM
ABU DHABI, 26th November, 2020 (WAM) -- An electricity distribution project financed by Abu Dhabi Fund for Development, ADFD, one of the UAE’s major financial institutions, has been launched in Guinea.
The National Distribution Center, set up at a cost of AED 67.5 million (US$18.36 million), promises to significantly enhance energy supply in the country and boost rural economy and standard of living.
The project is part of a larger sustainable development initiative undertaken by ADFD in the West African republic, for which AED 330.5 million (US$90 million) had been allocated by the Abu Dhabi government in 2012. It was inaugurated by Bountouraby Yattara, the Minister of Energy in Guinea, in the presence of delegates from the Fund.
Commenting on the occasion, Mohammed Saif Al Suwaidi, Director General of ADFD, said: "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 underscored the significance of the strategic initiative in terms of fulfilling the Fund’s primary objective of driving the economies of developing nations, reiterating ADFD’s commitment to follow up on timely implementation of all projects in the country regardless of any challenges. "This is our priority as it will have a direct bearing on various sectors including agriculture, health, industry and education."
The centre, which is integrated with the West African Power Pool Program, a cooperation of the national electricity companies in West Africa under the auspices of the Economic Community of West African States, ECOWAS, will ensure uninterrupted and stable supply in accordance with international quality standards and tackle the increasing energy demand and load.
Being part of a package to build local capacity and efficiency, as well as to develop the community, the initiative also includes training of operations and maintenance personnel, advisory services, monitoring implementation of work and supervision of the management of power stations.
Abu Dhabi Fund for Development undertook development initiatives in Guinea in 1977. Since then it has provided a total of AED 345 million towards development projects, particularly in the energy and agricultural sectors.