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Finland investing 114 million in climate work in developing countries

Finland and the International Finance Corporation IFC have set up a joint climate fund to support renewable and clean energy solutions as well as other climate projects in developing countries.

Aurinkopaneeleja lähellä Timbuktua Malissa.

Finland will channel a total of 114 million euros into the Finland-IFC Climate Change Program for a period of 25 years.

Funds will be invested in climate projects during the next five years.

Funding targets comprise loans granted for companies operating in developing countries, capital investments and guarantees. Sectors include energy efficiency, renewable energy, sustainable forestry and land use, meteorology, and water and wastewater solutions.

In addition to climatic effects, investments will also target development effects, such as increasing the number of jobs and tax revenue.

While in Paris this week for a summit on climate issues, Prime Minister Juha Sipilä told Yle that investments will be targeted in the world's poorest countries.

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