Press

Foreign Trade and Development Minister Anne-Mari Virolainen has pledged some 1.5 million euros to fund climate projects, particularly in low-income countries. The sum is part of a commitment to plough a total of 114 million euros into clean energy projects in developing countries. The ministry said in a statement that the funding will bankroll projects to harness wave energy or research power storage options or even developing new earnings models, for example. The minister signed a technical cooperation agreement with the World Bank's financing arm, the International Finance Corporation or IFC, during the Bank's annual meeting in Bali, Indonesia. The new cooperation agreement is an extension of the climate fund that Finland established in collaboration with the IFC last year. At the time, Finland pledged 114 million euros over the next four years to support private-sector investments in climate and energy projects in developing countries. - Yle.fi -