FIN­LAND TO FI­NANCE POWER GEN­ER­A­TION

Cape Times - - NATION -

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.

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