Major Nordic investment in climate projects in developing countries
The Nordic countries are to invest €14 million in climate projects in developing countries. The money, part of a larger pool of no less than €1 billion, will be channeled through the Nordic Development Fund (NDF). The NDF board approved the aid at a meeting earlier this week.
Solar cells
- Photographer
- Johannes Jansson/norden.org
The new funds are earmarked for projects such as solar-power plants in Uganda and Rwanda and technology and knowledge transfer to the poorest countries in the world. The new pool is co-funded by the World Bank, the Asian Development Bank, the Finnish Ministry of Foreign Affairs and the Nordic Environment Finance Corporation (NEFCO).
"We are delighted to commence work on climate projects in the world's poorest countries. Climate change poses multiple challenges in these parts of the world. NDF will be able to use its experience and partnerships with other funding bodies to support climate initiatives in the developing world," said the Managing Director of NDF, Helge Semb.
NDF, the Nordic countries' joint instrument for funding aid has been issuing credits to developing countries for two decades. This is the first year of its push to help fund climate programmes in poor countries. In total, the bank will invest approximately €1 billion over 35 years. The decision to revamp the NDF was taken in May by the Ministers for Nordic Co-operation.
"The NDF's new direction allows the Nordic countries to use the knowledge built up by their institutions over the years to offer tangible aid where the need is greatest. It also offers us the opportunity to show the world that the Nordic Region is at the forefront of commitment to facing global challenges," said the Secretary General of the Nordic Council of Ministers, Halldór Ásgrímsson.
The Nordic Development Fund (NDF)
