IDB's insurance arm, UAE’s Masdar ink MoU to back MENA renew...| MENAFN.COM

Thursday, 02 February 2023 09:59 GMT

IDB's insurance arm, UAE’s Masdar ink MoU to back MENA renewables rollout


(MENAFN) The Islamic Development Bank’s development insurance arm has inked a deal with the UAE’s Masdar to grow the rollout of renewable energy ventures in the Middle East and North Africa area.

The Islamic Corp. for the Insurance of Investment and Export Credit inked the memorandum of understanding with the UAE administration-possessed renewable energy firm on the offshoots of the Abu Dhabi Sustainability Week, as reported by Saudi Press Agency.

The agreement targets to ease further organization as well as additional efficient application of actions to surge renewable energy output in the member states, as stated by the chief executive of ICIEC, Osama Qaisi.

The MoU is going to also supply coverage in contradiction of political and commercial dangers and constitute to the flow of fund associated to climate action, technology, specialized equipment, or services in the member states.

One of its terms, the two sides accepted to work together in sponsoring mutual work in creating, financing and applying renewable energy ventures via insurance backing to the ICIEC in the member states.

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