The European Investment Bank (EIB) is considering an investment in an emerging markets and climate-focused fund-of-funds launched and managed by Allianz Global Investors. If approved, the Luxembourg-headquartered development finance institution will commit €50 million (or almost $60 million) to the Emerging Market Climate Action Fund (or EMCAF), which represents as much as 10% of its final goal target of €500 million, (almost $600 million at current rates).
EMCAF will invest in infrastructure and climate funds which invest in climate mitigation and climate adaptation projects in developing countries in Africa, Asia, and Latin America. These investments are expected to be predominantly greenfield projects and environmental sustainability initiatives critical to avoiding or reducing factors such as greenhouse gas emissions, essential to slowing and eventually reversing the effects of climate change.
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