Arab News, Monday, Jan 23, 2023 | Rajab 1, 1444
IDB's insurance arm to support MENA renewables rollout after MoU with UAE’s Masdar
Emirates: The Islamic
Development Bank’s development insurance arm has signed an agreement with the
UAE’s Masdar to boost the rollout of renewable energy projects in the Middle
East and North Africa region.
The Islamic Corp. for the Insurance of Investment
and Export Credit signed the memorandum of understanding with the UAE
government-owned renewable energy company on the sidelines of the Abu Dhabi
Sustainability Week, Saudi Press Agency reported.
The deal aims to facilitate better coordination
and more efficient implementation of activities to increase renewable energy
production in the member states, according to the CEO of ICIEC, Osama Qaisi.
The MoU will also provide coverage against
political and commercial risks and contribute to the flow of investment related
to climate action, technology, specialized equipment, or services in the member
states.
Under its terms, the two parties agreed to
cooperate in promoting joint work in establishing, financing and implementing
renewable energy projects through insurance support to the ICIEC in the member
states.
The agreement also includes support for the
transition to clean energy through electricity generation from renewable
sources, as well as the transition to a green economy while ensuring sustainable
economic growth.
Moreover, the agreement also entails the
development of commercially viable renewable energy projects in the MENA region
and international markets as well.
The partnership is projected to lead to a current
combined capacity of more than 23GW of renewable energy, with an expected reach
of more than 50GW of total capacity by 2030.
During the Abu Dhabi Sustainability Week — which
took place from Jan.14 to Jan.19 — Abu Dhabi’s planned city project signed an
MoU with Abu Dhabi-based financial institution, Wio Bank, to further propel
small and medium enterprises by providing them with top-notch beyond-banking
services.
Under the terms of the agreement, Masdar City Free
Zone startups and SMEs can avail of the benefits of the Wio Business app.
Abu Dhabi Sustainability Week was the first major
global sustainability event to take place since COP27, uniting climate action
toward COP28.