Description/achievement of initiative
The fund opens for applications annually, initiated by submission of a shortlist of projects. A period of due diligence follows in order to identify a single project concept endorsed by both governments and then captured and formally approved in a bilateral cooperation agreement. The fund looks to sign 4-6 agreements per year. The fund is designed for flexibility. Per agreement with the partner government, the fund can work with public and/or private counterparts and can either make a minority contribution to a larger project or 100% finance a smaller project. These arrangements would be contractually specified.
Arrangements for Capacity-Building and Technology Transfer
The fund can include arrangements for project feasibility/origination and capacity-building (notably training in project development and operation) where it is clear that generation assets will be realized. Projects are transferred to the owner specified by the partner government.
Coordination mechanisms/governance structure
The Fund is administered by a Steering Committee consisting of the UAE Ministry of Foreign Affairs and International Cooperation (MOFAIC), Abu Dhabi Fund for Development (ADFD), and technical advisor Masdar. The Steering Committee is headed by the UAE Minister of State for International Cooperation and implemented under the UAE Policy for Foreign Assistance, which includes renewable energy. Experts within the UAE and partner governments, in consultation with other relevant actors and financiers, would make a formal recommendation on project selection to their ministers.
UAE + 16 Caribbean SIDS; other partners to be determined