The Abu Dhabi Fund for Development has approved a Dh40 million loan for a rural electrification project in Kalongo, Uganda, that will improve living standards across homes, schools and workplaces.
Set to benefit 20,634 consumers over the next 10 years, the programme will power homes, schools, health care centres, government offices, commercial, industrial and agricultural establishments.
The project aims to help the government achieve its objective of meeting the rural electricity demand.
“Energy is of great significance, given its crucial role in poverty eradication and inclusive development,” said Mohammed Saif Al Suwaidi, ADFD’s director general.
“The UAE, through the Abu Dhabi Fund for Development, pursues an active policy of supporting sectors that can accelerate economic development across emerging countries. At ADFD, we are committed to supporting the government of Uganda in fulfilling its development objectives through ensuring timely and adequate funding for strategically important projects.”
Mr Al Suwaidi, along with Ajedra Aridru, Uganda’s Minister of State for Finance, Planning and Economic Development, signed the loan agreement at the ADFD headquarters in Abu Dhabi.
The project involves civil and electrical work to install a transmission line and distribution stations.
By supporting the development of small industries, workshops and agricultural units in rural Uganda the plan has a the larger goal of curbing the exploitation of vegetation and capping migration to the cities.
Mr Aridru praised the UAE for its efforts and acknowledged the role ADFD has played in advancing sustainable growth in key sectors in Uganda. The electrification project would help the Ugandan government to achieve its development priorities, he said.
ADFD’s engagement with Uganda dates back to 1977. The fund has since extended Dh79 million in loans and government grants for projects to improve livelihoods in the rural and local economy.
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Abu Dhabi's development fund invested Dh1.4bn in 11 projects in developing countries last year
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Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
