Last year the World Bank set aside in excess of $3.6B to support various Renewable Energy projects worldwide. Now so far this Quarter the Bank continues to show leadership in Renewable Energy financing through its loans. The Bank announced it is funding $297M to build a new concentrated solar power plant in Morocco, it is also funding $250M to help develop Eskom projects in South Africa - the Upington concentrated solar plant and the Sere wind power plant; on top of that the Bank also pledged $500M to kick start development of geothermal projects in the developing world. That is exactly the kind of leadership we should expect from the World Bank! Here is an institution that honors its goals and uses its resources to help advance causes our society is most interested. The importance of the World Bank investment needs to be noted as the amounts are not trivial and they will not only bring about desirable Renewable Energy solutions, but also will result in new, more high tech jobs in the developing world. Foreign aid is always a hot topic because some people are in favor and others are against it... now it is a lot better use of resources when they are dedicated to fund real economic growth initiatives abroad in areas where they are needed the most.
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