The Abu Dhabi Fund of Development (ADFD) has decided on issuing a grant of USD14 million to Maldives.
The grant from ADFD announced at the 10th general assembly of International Renewable Energy Agency (IRENA) will be utilized for the renewable energy project at Addu City.
The renewable energy project at Addu City aims to produce power from waste materials and other renewable resources.
Under the project, Addu City will have a renewable energy facility with the power of producing 1.5 Megawatt of electricity through waste material.
The Abu Dhabi Fund for Development estimates with the utilization of such a source of power generation at Addu City, the project will prove beneficial to over 35,000 of the city’s inhabitants.
ADFD continues to be one of the major allies in providing monetary assistance to Maldives in the form of grants.
The fund had issue a grant of USD50 million for the development of Velana International Airport (VIA) while Maafaru Airport at Noonu atoll was developed through a grant of USD52 million from the fund.