The European Investment Bank (EIB) and Masdar, Abu Dhabi's renewable energy company, have signed a framework agreement to support joint investment opportunities for developing and financing clean energy projects in North Africa and the Middle East.
20 January 2014: The European Investment Bank (EIB) and Masdar, Abu Dhabi’s renewable energy company, have signed a framework agreement to support joint investment opportunities for developing and financing clean energy projects in North Africa and the Middle East.
The partnership aims to accelerate renewable energy projects by: leveraging technical and financial resources; coordinating project identification, evaluation, and development; and building human capital through a hands-on internship programme.
Sultan Ahmed Al Jaber, CEO of Masdar, underscored the importance of international collaboration to the growth of renewable energy in the region, noting that the partnership is an opportunity to “to expand our portfolio of projects and advance renewable energy adoption in key Middle East and North African markets.”
Philippe de Fontaine Vive, EIB Vice-President, further stressed the need for economic growth, regional integration, and environmental sustainability, adding that the “agreement will help to connect capital with project expertise in an effort to promote energy security.”
The agreement was signed during Abu Dhabi Sustainability Week, taking place from 18-25 January 2014, on challenges facing sustainable development and widespread adoption of renewable energy. The Week includes a series of events, including: the fourth session of the Assembly of the International Renewable Energy Agency (IRENA); the seventh World Future Energy Summit (WFES); the second International Water Summit; the first EcoWASTE exhibition; and the sixth Zayed Future Energy Prize Awards Ceremony. [EIB Press Release] [Abu Dhabi Sustainability Week] [IISD RS Coverage of the 4th Session of the IRENA Assembly and of WFES]