European Donors to Establish Global Climate Change Fund

The European Investment Bank, French Development Agency and European Development Finance Institutions plan to establish a new fund that will finance climate change projects in Africa, Latin America and the Caribbean and Asia.

The EIB, AFD and the 12 members of the EDFI are expected to sign memorandum of understanding on May 6 for the Interact Climate Change Fund, which specifically targets private-sector projects, according to a news release from the EIB.

Through the fund, the institutions aims to boost private sector investments in climate change projects in developing country. The end goal, according to the EIB press release, is to attract long-term investments for such projects.

About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.