The Abu Dhabi Future Energy Company “Masdar”, one of the fastest growing renewable energy companies in the world, announced the signing of an agreement with the International Finance Corporation, which is the largest global development institution focused on the private sector in developing countries, to discuss areas of cooperation aimed at supporting climate action in Emerging markets.
In the presence of His Excellency Dr. Sultan bin Ahmed Al-Jaber, Minister of Industry and Advanced Technology, President-designate of the “COP 28” conference, Chairman of the Board of Directors of “Masdar”, and Mokhtar Dayoub, Director General of the International Finance Corporation, the framework cooperation agreement was signed by Mohammed Jamil Al-Ramahi, CEO of the company. Masdar, and Mohamed Guled, Vice President of Industries at the International Finance Corporation, on the sidelines of the World Government Summit 2023 in Dubai.
Dr. Sultan Al Jaber said: “In line with the leadership’s directives to support climate action and mitigate the consequences of climate change, the UAE continues its efforts to strengthen partnership relations with the international community with the aim of achieving tangible progress in this field, especially in the countries of the global south and emerging markets. As we prepare to host the “COP 28” conference, we are primarily focused on achieving a quantum leap and practical results and including everyone to provide practical solutions, including ensuring the delivery of appropriate financing to confront climate change in a better, more efficient and equitable way.
Mokhtar Dayoub emphasized the importance of this agreement and its role in strengthening the partnership between the International Finance Corporation and Masdar. He said, “The International Finance Corporation will use its expertise in the field of climate within emerging markets to support Masdar’s efforts.”
For his part, Mohammed Jamil Al-Ramahi said: “We have a long history of working with the International Finance Corporation in Masdar, as we have previously cooperated in financing many clean energy projects, such as Jordan, Uzbekistan and many other countries.”
