Norfund backs Meridiam's sustainable cities fund
The Norwegian DFI is investing about $20.6 million in The Urban Resilience Fund.
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The Norwegian development finance institution, Norfund, is investing NOK 235 million (about $20.6 million) in The Urban Resilience Fund (TURF), which focuses on sustainable urban infrastructure in rapidly growing cities.
TURF is managed by Meridiam, an infrastructure firm managing over $22 billion globally across 12 funds.
“By supporting public transport, renewable energy systems, and efficient waste management, TURF contributes to economic growth and the development of sustainable cities,” says Carl Johan Wahlund, senior vice president for green infrastructure at Norfund.
Today, more people live in cities than in rural areas, and by 2050, the world’s urban population will grow from the current 4.5 billion to 6.7 billion.
“The growth places immense pressure on cities’ already overstretched infrastructure, with challenges further intensified by the increasingly tangible effects of climate change,” says Wahlund.
“Meridiam and TURF provide a unique approach to developing and building urban infrastructure in Africa, with the ability to advance projects from an early stage and maintain a long-term perspective,” he adds.
Within TURF, Meridiam focuses on specific African cities. In Mauritania, Meridiam is already collaborating with the government to protect the capital, Nouakchott, from climate change-induced erosion and flooding while simultaneously developing the coastline for local communities. The €60 million project includes reinforcing sand dunes, constructing new walkways, implementing rainwater drainage systems, building a bypass road, reconstructing the fish market, and promoting new economic activities.
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