Pacific Renewable Energy Investment Facility created by the Asian Development Bank to finance series of clean energy projects in 11 smallest island nations of the Pacific.The Asian Development Bank (ADB) has announced a $200 million finance package for the support and deployment of renewable energy projects in the 11 smallest island nations of the Pacific.
The Pacific Renewable Energy Investment Facility will steer funds to the Cook Islands, Micronesia, Kiribati, Nauru, Palau, the Republic of Marshall Islands, Samoa, the Solomon Islands, Tonga, Tuvalu and Vanuatu.
Each of these small Pacific states faces its own set of energy generation, climate change and economic problems, and thus the ADB believes that the potential $200 million package is money well spent.
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