In order to promote expansion of renewable energy access the Asian Development Bank (ADB) has approved $50.5m worth of loan and grant agreements to the Government of Maldives.
The $50.5m loan will cover the ASSURE project for Maldives’ renewable energy. As per the reports, the support consists of $41.5m from the Asian Development Fund, which is designated for ADB’s most vulnerable developing member countries, $8.5m from ordinary capital resources, and $500k from the Climate Change fund.
Furthermore, the package will also include $48m of co-financing from the Asia-Pacific Climate Finance Fund, Clean Technology Fund, Japan Fund for the Joint Crediting Mechanism (JFJCM), and investments from the private sector, in addition to a $1.97m of counterpart financing from the government.
Cindy Malvicini, Deputy Director General for South Asia at ADB, said, “ADB recognizes and appreciates the collaborative synergy that has been fostered through this partnership, underscoring the collective determination to propel the Maldives toward a more resilient, green, and energy-efficient future.”
With the view to broaden access to renewable energy, the ASSURE project will initiate the installation of grid-scale energy storage, energy management systems, distribution grid upgrades in 20 outer islands, and solar photovoltaic facilities.
