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AED275m towards the construction of an airport in Jebel and AED 92m for hybrid power plant
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In Feb 2021, ADFD had signed 3 MoUs with the government of Turkmenistan
Abu Dhabi: The Abu Dhabi Fund for Development (ADFD) today signed two agreements worth AED367 million ($100 million) with the government of Turkmenistan, which will use this money to develop an airport and a hybrid power plant.
The first agreement includes the allocation of AED275 million towards the construction of the airport in Jebel in the Balkan region and the second to finance the development of a 10 megawatts hybrid power plant at a cost of AED92 million.
The airport project will enhance regional air connectivity in Central Asia and help attract investments to the city of Jebel in particular, and the Balkan region in general through improving the quality of transportation services.
The project includes building Jebel airport terminal with a capacity of 100 passengers per hour. The project components include planning, designing, construction and delivery of the project as well as training the airport staff.
The hybrid power station project aims to provide clean energy alternatives to meet the needs of people in Altyn Asyr.
The two agreements were signed by Mohammed Saif Al Suwaidi, director-general of ADFD, and Jepbarov Rahimberdi Jepbarovich, chairman of the State Bank for Foreign Economic Affairs of Turkmenistan.
Al Suwaidi said the two agreements articulate ADFD’s commitment to advancing Turkmenistan’s infrastructure development and driving the country’s economic growth.
For his part, Jepbarov Jepbarovich lauded the UAE’s active role in financing projects and promoting investment cooperation with immense economic benefits for developing countries. This has been especially apparent through ADFD’s cooperation with the Government of Turkmenistan.
In February 2021, ADFD signed three MoUs with the Government of Turkmenistan. The first MoU included the establishment of an investment company, whereas the second MoU included studying the possibility of building a chemical complex project in Turkmenistan to produce polyvinyl acetate. Under the third MoU, both sides agreed to study the possibility of financing several development projects focused on infrastructure development including renewable energy and air transport to enhance cooperation between the fund and the Government of Turkmenistan.