ADB Invests in Climate Funds That Seek to Raise $700 Million
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The Asian Development Bank is spending $60 million to help set up three venture capital funds developing climate-change technology in China and India, the Manila-based lender said in an e-mailed statement today.
The bank will invest $20 million each into Aloe Environment Fund III, Keytone Ventures II and VenturEast Life Fund III, which may raise an additional $700 million from the private sector, according to the statement.