ADFD-funded $15m project launched in Cuba

Updated 08 July 2019
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ADFD-funded $15m project launched in Cuba

Abu Dhabi Fund for Development (ADFD), the leading national entity for international development aid, together with the Cuba’s Ministry of Energy and Mines and International Renewable Energy Agency (IRENA), inaugurated on July 5 a new 10 megawatt solar PV project. The grid-connected project was financed by ADFD with $15 million under the IRENA/ADFD Project Facility and will deliver enough electricity to power the equivalent of nearly 7,000 Cuban homes.

The solar PV project contributes to the Cuban government’s national objectives to reduce the use of fossil fuels for electricity generation and increase the share of power from renewables to 24 percent by 2030. This project will mitigate around 12,700 tCO2 emissions annually.

The inauguration took place in the presence of Cuba’s Vice Minister of Energy and Mines, Livan Arronte, UAE Ambassador to Cuba Bader Almatrooshi, and Francesco La Camera, director-general of IRENA.

Mohammed Saif Al-Suwaidi, director-general of ADFD, said: “ADFD is proud to have partnered with the Cuban government and IRENA in completing this crucial 10 MW solar PV project. We are confident that the impact from this renewable energy venture will ensure widespread economic, environmental and social benefits to the Cuban people.”


ICD & We-Fi empower women entrepreneurs

Updated 18 September 2019

ICD & We-Fi empower women entrepreneurs

With the aim of discussing how the Islamic Corporation for the Development of the Private Sector (ICD) and the Women Entrepreneurs Finance Initiative (We-Fi) can expand their relationship and integrate the gender themes into ICD’s operations and businesses, a meeting was held between Ayman Amin Sejiny, CEO of ICD; Wendy Teleki, head of We-Fi secretariat; and Samir Suleymanov, director strategic initiatives, World Bank, at ICD’s premises in Jeddah recently. The parties discussed the development and promotion of women’s entrepreneurship through innovative sustainable solutions to increase women’s access to economic opportunities in developing countries. 

Teleki highlighted the main objectives of We-Fi, which is to support women entrepreneurs around the world through programs that provide financing, capacity building and also promote enabling environments that allow women to become entrepreneurs and grow their businesses. We-Fi uses an ecosystem approach to develop programs at the country level that will break down barriers and create more opportunities for women.

During the meeting, Ayman said: “ICD and We-Fi are working together to enhance their initiatives and mandates in supporting the female society in all ICD’s member countries. We want to ensure that our lines of finance and our relationship with the 102 directly connected financial institutions we are dealing with will further enhance the funding, training to women entrepreneurs and to provide the required necessary support to women in all our member countries.”

Teleki said that We-Fi has six implementing partners (IP) and the Islamic Development Bank (IsDB) is one of them. “IsDB, along with ICD is supporting women entrepreneurs in fragile countries. In Yemen, they have a very interesting ongoing program named BRAVE Women. They target to train up to 500 women to learn to develop business plans in fragile and high-risk contexts and up to 400 of them will get access to funding on a matching grant basis. This program aims also to develop the relationship between those women entrepreneurs with the local banks and also lead companies to make sure those women have access to finance and markets to grow their businesses. Moreover, the IsDB and ICD will be implementing soon this BRAVE Women program in two other countries to improve the women’s entrepreneurship potential in key economic sectors and we look forward to seeing those programs happening in future,” she said.

We-Fi is a global platform that seeks to support over a 100,000 women around the world in the next five years and mobilize at least $2 billion from the public and private sector for further activities.