Press release -
Investment from Swedfund at EFP/ICCF for jobs and climate
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.
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About Swedfund
Swedfund is Sweden's development finance institution with the mission to contribute to poverty reduction through sustainable investments in developing countries. Our investments in the private sector contribute to a growing number of jobs offering decent working conditions and increases access to essential products and services like electricity and healthcare. Climate and gender are themes that permeates our investment process.
Swedfund invests in energy & climate, financial inclusion and increased access to capital for micro, small and medium-sized companies as well as healthcare and digitalization.
We are part of Swedish development corporation, and we measure and report all our results. As a state-owned company, Swedfund is managed by the Ministry of Finance. We are financed through reflows from the portfolio and capital injections from the development assistance budget. The return from the portfolio finances our operations and we reinvest reflows from our portfolio in new projects, i.e. we recycle our capital injections.
For more information: please visit www.swedfund.se/en| www.edfi.eu
