EIB and Partners Establish Joint Climate Change Fund
7 May 2010: The European Investment Bank (EIB), the French Development Agency (AFD) and the European Development Finance Institutions (EDFI) have signed a Memorandum of Understanding to establish the Interact Climate Change Fund.
The parties intend to establish an investment matching facility to fund private sector climate change projects in Africa, the Caribbean and the Pacific (ACP), Asia and Latin America before the end of 2010. The institutions will further promote use of clean technology as an integral part of economic development and provide long term financing for renewable energy projects in countries facing energy shortages and restricted energy access.
Funding is expected to be provided by AFD, the EIB through the Cotonou Investment Facility and 12 EDFI members: BIO (Belgium); CDC (UK); COFIDES (Spain); DEG (Germany); FINNFUND (Finland); FMO (the Netherlands); IFU (Denmark); NORFUND (Norway); OeEB (Austria); PROPARCO (France); Sifem (Switzerland); and SWEDFUND (Sweden). [EIB and European Development Institutions Establish Joint Climate Change Fund]