UN Provides Zimbabwe with US$10 million to Support Renewable Energy Projects

The United Nations (UN) gave $10 million to Zimbabwe to help finance renewable energy projects. This is because Zimbabwe is having trouble getting enough power.

The fund was made available through the country's joint SDG fund partners, which included Unesco, UNDP, UN Women, and UNCDF.

The government and the financial services company Old Mutual will work together to carry out projects that are part of the renewable energy fund.

In a statement, the UN said, "The SDG fund is a $10 million renewable energy fund that aims to use local financial markets to finance renewable energy projects with a return on investment and a social impact to speed up the SDGs in Zimbabwe."

“Match funding is expected from other private sector players. For now, we have matching fund commitments from Old Mutual, among other financial players. The joint programme hopes to benefit Zimbabwe by increasing access to capital to finance renewable energy projects, the introduction of renewable energy technology with new entrepreneurship opportunities, income and job creation, and improved quality of life and the environment,” the UN statement read.

“To address capacity gaps and increase access to funding for SMEs in the pre-investment, investment, and post-investment stages, the joint programme will leverage partnerships with international renewable capacity-building organisations and local money markets.”

For more sustainable finance news

Source: News Day