Nordic investment for climate projects in developing countries

The countries of the Nordic group are set to invest over EUR 14 million for climate projects in developing countries. The investment, which is part of a pool of over EUR 1 billion in total, will be managed via the Nordic Development Fund (NDF).

Among recipients of the project for knowledge and technology transfer to the world’s poorest countries are Rwanda and Uganda, who are scheduled to receive solar-powered plants. The newly created pool will be co-funded by the Finnish Ministry of Foreign Affairs, the Asian Development Bank, the World Bank and the Nordic Environment Finance Corporation (NEFCO). Helge Semb, Managing Director of NDF said: “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,” in a press release.

This is the first year in which NDF, the Nordic group’s collective funding aid group, has earmarked funds for developing counties in over twenty years of operation. The change in direction for the group was agreed on during a May conference of 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 Iceland’s Halldor Asgrimsson, Secretary General for the Nordic Council of Ministers.