Investment from Swedfund at EFP/ICCF for jobs and climate
Introduction
On November 25, Swedfund increased its financial commitment to the European Financing Partners (EFP) and the Interact Climate Change Facility (ICCF). Together, EFP and ICCF now form a common financial platform. They created by the European development financiers to create jobs and fight climate change in developing countries.
- The platform is a very effective tool to reach those with the greatest need. We also see it as positive that the EFP/ICCF through investments addresses two of the biggest challenges for developing countries, the lack of work and access to renewable energy. By increasing our financial commitment, we also contribute to strengthening cooperation with our European counterparts, says Gunilla Nilsson, Head of Energy and Climate at Swedfund.
Swedfund has been a financing partner in EFP since 2004 and through the collaboration important and relevant projects can be implemented, with the aim of creating jobs with decent working conditions in developing countries. Launched in 2011, the ICCF aims to implement climate investments in developing countries, e.g. by increasing access to renewable energy. By demonstrating the economic viability of the projects, the EFP/ICCF also aims to be catalytic and attract investment from institutional investors in order to mobilise more capital for investment in job creation and climate.
Swedfund is now increasing its investment by just over EUR 10 million to a total of EUR 45 million. The EIB, together with nine European development financiers (BIO Belgium, COFIDES Spain, DEG Germany, Finnfund Finland, FMO Netherlands, IFU Denmark, OeEB Austria, PROPARCO France and Swedish Swedfund), has allocated a total of EUR 680 million to support sustainable private sector growth in developing countries and emerging markets.