US agency backs Vietnam environmental projects

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US government agency Overseas Private Investment Corporation (OPIC) said it will provide up to US$50 million to finance a fund that will invest in environmental projects in Vietnam, Cambodia and Laos.

The Mekong Renewable Resources Fund will primarily invest in small- and medium-sized enterprises, focusing on renewable energy, and energy efficiency sectors, environmental services and infrastructure, OPIC said in a statement.

The fund will be managed by Indochina Capital Corporation, a Vietnam-based asset management firm founded in 1999.

OPIC said environmental services and infrastructure investments include waste-to-energy, recycling, solid waste management, sustainable forestry projects, waste water treatment and clean water initiatives. Meanwhile, renewable energy investments include wind, small hydro, solar, and biomass.

The financing is part of a program to provide nearly $500 million for five investment funds that could invest more than $1.5 billion in renewable resources in Africa and southern parts of Southeast Asia.

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