June 7, 2018 / 8:49 AM / a month ago

Denmark, pension funds launch $650 mln sustainable development fund

COPENHAGEN, June 7 (Reuters) - Denmark and six pension funds on Thursday launched a 4.1 billion crowns ($650 million) investment fund aimed at promoting Danish technology and fighting poverty and climate change in developing countries.

The aim is to raise an additional 1 billion crowns in the autumn and to use some of the funds for projects worth 30 billion in total.

The expected annual net yield from the capital fund is 10 to 12 percent over the fund’s expected 11 year duration.

Danish pension funds ATP, PFA, PKA, PensionDanmark, PenSam, JOP/DIP have each invested 400 million crowns in the first closing.

The fund will among other things invest in sustainable energy, agribusiness and infrastructure in Africa, Asia and Latin America and it should contribute to reaching the United Nations’ 17 Sustainable Development Goals set in 2015.

$1 = 6.3026 Danish crowns Reporting by Teis Jensen Editing by Matthew Mpoke Bigg

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