October 20 (SeeNews) - South Korea-based Green Climate Fund (GCF) will contribute an anchor investment of USD 78.4 million (EUR 71.4m) to a fund for renewable energy access in Africa, managed by Deutsche Bank.
“This investment will allow Deutsche Asset Management to support up to USD 3.5 billion of investment from local banks and entrepreneurs over the next 15 years and, ultimately, support the provision of clean electrical energy to individuals and businesses,” said Nicolas Moreau, head of Deutsche Asset Management and member of the management board of Deutsche Bank AG .
Sustainable Investments, the group within Deutsche AM that manages environmental and social assets will use this anchor investment to raise a total of USD 300 million, Deutsche Bank said on Monday.
Under its Universal Green Energy Access Program (UGEAP), this amount will be invested in Benin, Kenya, Namibia, Nigeria and Tanzania.
In a second phase, Deutsche Bank targets to raise USD 500 million more and roll out the fund to other Sub-Saharan countries.
(USD 1 = EUR 0.91)