Maldives takes USD 14M loan from ADFD to build waste-to-energy plant

Maldives and ADFD sign USD 14 million loan agreement to finance a waste-to-energy plant in Maldives. (Photo/ADFD)

Maldives has taken an AED 51.4 million (USD 14 million) loan from the Abu Dhabi Fund for Development (ADFD) to develop a waste-to-energy plant.

ADFD announced the signing of the loan agreement in a tweet on Monday.

According to ADFD, the project will help reduce waste by 10 percent, provide electricity to 6,000 households, and promote sustainable economic development in Maldives.

Finance Minister Ibrahim Ameer thanked ADFD for being a long-standing development partner for Maldives.

He noted in a tweet that several key projects have been financed and are ongoing with ADFD’s assistance.

Ameer said the project was expected to create over 100 jobs.

It will also contribute to Maldives’ carbon neutrality goals, he said.