Norway\u2019s\ninvestment agency Norfund has widened the list of areas it will be funding in\nEast Africa to include waste management, access to clean water, transmission\nlines and power storage.<\/p>\n\n\n\n
The\nNorwegian fund previously invested in the region\u2019s financial sector, green\nenergy, agribusiness and manufacturing.<\/p>\n\n\n\n
It\u2019s\na major investor in Kenya\u2019s Equity Bank along with the 310-megawatt Lake\nTurkana wind farm \u2013 the largest in Africa.<\/p>\n\n\n\n
The\ndevelopment fund on Friday launched a new strategy for East Africa covering\nthree years to 2022, with a special focus on its new green infrastructure\npillar in light of climate change and rapid urbanisation.<\/p>\n\n\n\n
\u201cWe want to address urbanisation challenges. The\nwaste industry needs to professionalise and scale. We are one of the first\ndevelopment finance institutions to focus on waste management. We\u2019ve started to\nsee exciting new business models in the sector, built on circular economy\nprinciples. Effective collection, recycling and waste-to-energy is great for\nboth societies and the environment. With the right investment in the right\nplaces it will also be an exciting business category and employment generator\nfor decades to come,\u201d Norfund CEO Tellef Thorleifsson said at the launch in\nNairobi.<\/p>\n\n\n\n
With the funding strategy rethink, the agency is\nkeen to upscale its investments in manufacturing and agribusiness, besides\npumping cash into green infrastructure hardware.<\/p>\n\n\n\n
The World Bank estimates that about 2.01 billion\nmetric tons of municipal solid waste is produced annually worldwide. Overall,\nwaste generation is expected to increase to 3.40 billion metric tons by\n2050. An estimated 13 percent of today’s waste is recycled and 5.5 percent\nis composted. <\/p>\n\n\n\n
The World Bank further indicates that between\none-third and 40 percent of waste generated worldwide is not managed properly\nand instead dumped or openly burned. <\/p>\n\n\n\n
This poses serious risks to the ecosystem and human\nhealth. It\u2019s precisely why Norfund is stepping in to fund waste management\ntechnologies and possibly avert an urban crisis.<\/p>\n\n\n\n
Other companies and projects in which Norfund has\ninvested in Africa include independent power producer Globeleq, Bujagali\nhydropower in Uganda and Nairobi-based solar firm M-KOPA.<\/p>\n\n\n\n
\u201cWe are incredibly proud of our committed portfolio\nof $776 million (Sh77.6 billion) in over 520 companies in East Africa. The\ncapital deployed has transformed millions of lives through employment, access\nto finance and clean energy,\u201d said William Nyaoke, Norfund East Africa regional\ndirector.<\/p>\n\n\n\n
\u201cThe launch of our new strategy will provide a\nframework for greater partnerships and impact across East Africa.\u201d<\/p>\n\n\n\n
Nyaoke said that the fund committed over $90\nmillion (Sh9 billion) in East Africa in 2019 alone and is expected to further\nbump up its commitments going forward.<\/p>\n\n\n\n
\u201cThe new green infrastructure pillar which includes investments in waste management will complement Norfund\u2019s existing investment focus areas. The fund targets to execute 6-10 new investments focusing on business models in solid and liquid waste management, access to clean water, electricity transmission lines and power storage.\u201d<\/p>\n\n\n\n