A Loan Agreement has been signed between the Government of the Republic of the Maldives and the Abu Dhabi Fund for Development on 22 June 2015 to implement the “Small Scale Waste to Energy for Addu, R. Vandhoo and H.Dh Clusters Project”.
His Excellency Abdulla Jihad, Minister of Finance and Treasury signed the agreement on behalf of the Government of the Republic of Maldives. His Excellency Mohammed Saif Al-Suwaidi, Director-General signed the agreement on behalf of Abu Dhabi Fund for Development.
The project consists of construction of the power generation plant utilizing the heat generated via the process of wisely burning waste in an environmentally controlled manner to generate electric power.The total costs of the project, which signed today amounts to United Arab Emirates Dirham 22,038,000, approximately United States Dollar 6.0 million.
The loan will be repaid within 20 years including a grace period of 5 years with an interest of 2% inclusive of 0.5% as administrative charge.