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Green bank among agreements to be signed during Khalifa visit

The UAE and the UK are expected to sign three agreements, including one on setting up a green bank for environment-friendly projects during the President, His Highness Shaikh Khalifa bin Zayed Al Nahyan’s visit to the country which begins today.

The UAE economic delegation is headed by Shaikh Ahmed bin Saeed Al Maktoum, CEO and Chairman of The Emirates Group and Chairman of Dubai World, Shaikha Lubna Al Qasimi, Minister for Development and International Cooperation, Dr. Anwar Mohammed Gargah, Minister of State for Foreign Affairs and Minister for Federal National Council Affairs, and Dr Sultan bin Ahmed Sultan Al Jaber, Minister of State, who is also CEO and Managing Director of Masdar.

‘ UAE-UK relations are improving, and three agreements will be signed between the two countries,’’ said Dr. Anwar Gargash. The green bank is one of them and there is also an agreement on specifications and metrology, he said. Bilateral ties are looking good and the agreements will go a long way in cementing the relationship, the minister said.

Dr Sultan Al Jaber shed light on the proposed Green Investment Bank, which will finance green energy projects in Britain. It will grants suitable financing facilities for sustainable energy projects like the London Array Offshore Wind Farm project, the biggest wind-generating energy project in the world which is 30pc owned by Masdar.

The $2.4 billion mega development will be launched in July this year and is now in its pilot phase. —malazarooni@khaleejtimes.com