Abu Dhabi Fund grants $6 million loan for waste-to-energy projects

Abu Dhabi Fund for Development has granted a loan worth $6 million to the Maldives, for projects to incinerate waste to generate energy.

The loan agreement was signed at a ceremony at the Abu Dhabi Fund for Development Headquarters in Abu Dhabi, by Minister of Finance of Maldives, Abdulla Jihad, and Director General for Abu Dhabi Fund for Development, Mohamed Saif Al Suwaidi.

The loan will be used to finance waste-to-energy projects Raa Vandhoo and several islands in Haa Dhaalu Atoll.

The repayment period for the 2-percent-interest loan is 20 years. It also carries administrative fee of 0.5 percent.

The government has not announced any details related to the implementation of the projects.