Masdar, EIB sign framework agreement to fast-track clean energy investment

Masdar and the European Investment Bank (EIB), the financial arm of the European Union, have signed a framework agreement that aims to accelerate the development of clean energy projects in the Middle East and North Africa. The agreement, signed during Abu Dhabi Sustainability Week, allows Masdar and EIB to jointly identify investment opportunities to develop and finance renewable energy projects. The two organisations will share expertise and fast-track clean energy investment. "This agreement underscores the critical importance of international collaboration and the shared responsibility to accelerate the growth of renewable energy in the region," said Dr. Sultan bin Ahmed Sultan Al Jaber, Minister of State and CEO of Masdar. "Masdar has strong ties with Europe and a successful track record in developing large-scale, clean-energy projects," added Dr. Al Jaber. "We look forward to working with the European Investment Bank to expand our portfolio of projects and advance renewable energy adoption in key Middle East and North African markets." "The European Investment Bank supports projects that make a significant contribution to economic growth, regional integration and environmental sustainability. This agreement will help to connect capital with project expertise in an effort to promote energy security. We look forward to working with a leading partner from the Gulf," said EIB Vice-President Philippe de Fontaine Vive. As part of the agreement, EIB and Masdar will also look for opportunities to develop human capital through a hands-on internship programme.