The Asian Development Bank (ADB) has approved a US$10m equity investment to set up a venture capital fund for the environmental sector, Reuters reported. The China Environment Fund will invest in environmental service enterprises that exhibit strong growth potential and which involve the private sector. It will select between 10 and 20 companies and take a controlling stake in them to enable active management by the fund. Targeted enterprises are those engaged in waste treatment, pollution control, and water and energy use management.
The ADB has also approved a US$33m loan to promote the generation of energy from biomass wastes by funding the establishment of facilities on farms to convert agricultural wastes into energy and organic fertilisers. The US$77m project should help some 34,000 households in the provinces of Henan, Hubei, Jiangxi and Shanxi.