Abu Dhabi’s clean-energy producer Masdar, Abu Dhabi Fund for Development, Etihad Credit Insurance, the nation’s export credit agency, and AMEA Power, a Dubai-based renewable-energy company, will provide the funds, the COP28 Presidency said in a statement.
“The initiative will prioritize investments in countries across Africa with clear transition strategies, enhanced regulatory frameworks and a master plan for developing grid infrastructure,” COP28 President-Designate Sultan Al Jaber, said at the inaugural Africa Climate Summit on Tuesday. The Etihad Credit Insurance will provide $500 million of credit insurance to reduce risk and unlock private capital.