Islamic Development Bank Opens Clean-Energy Fund in Central Asia

The Islamic Corporation for the Development of the Private Sector gave start to a fund aiming to finance renewable- energy projects in Central Asia and plans another in Africa. The fund is worth $35 million and is situated in Kazakhstan. In the very near future the North Africa fund containing $35 million to $50 million is to be opened. Financing for renewables ventures is targeting emerging markets due to the governments' striving to curb reliance on fuel imports and cash-strapped nations in Europe cut subsidies for clean power.

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