RIYADH: 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.