Ministry of Finance has signed an agreement with the Abu Dhabi Fund for Development (ADFD) to receive USD 14 million for the development of a new waste-to-energy plant. The agreement was signed by Minister of Finance Ibrahim Ameer and Director General of ADFD Mohammed Saif Al Suwaidi.
Speaking at the agreement-signing ceremony, Minister Ameer said the project is expected to create over 100 jobs and contribute towards the carbon neutrality goals of the Maldives. He also thanked ADFD for being a long-standing development partner for the Maldives and said several key projects have been financed and are ongoing with the assistance of the agency.
Also at the ceremony, Director General Suwaidi said the project is in line with the mission of UAE to assist in establishing reusable energy, adding that the plant will also solve waste management issues.
The waste-to-energy plant is expected to help reduce waste by 10%, provide electricity to 6,000 households, and promote sustainable economic development in the Maldives. The total cost of the project is USD 28 million.
ADFD has been an important development partner of the Maldives since the late 1970s and has supported the country on key infrastructure projects. As such, the foreign aid agency provided USD 50 million to the Maldives as grant aid in 2020 and aided in the development and expansion of the Maafaru International Airport.