FINLAND TO FINANCE POWER GENERATION
HELSINKI: Finland will allocate €114 million (R1.9 billion) to Africa via the World Bank structures.
The funds will be used for African power generating capacity enhancement, the Finnish Foreign Ministry said yesterday.
The ministry noted that Finnish Foreign Trade and Development Minister Anne-Mari Virolainen would sign a related co-operation agreement at the annual meeting of the World Bank and the International Monetary Fund, which started on the Indonesian island of Bali on Monday and will last until Sunday.
The sum, provided by Finland, will go into commercial climate and energy-related projects to be launched in developing African countries in the next four years.
Within the next 25 years, the funds – with interest – are to be returned to Finland.
The Finnish Foreign Ministry said that Helsinki wanted to help raise private funds and thus promote the developing states’ markets.