Solar water heater among bank-funded projects in East Africa

A South African bank funds neighboring nations' energy efficiency projects, including a solar water heater project in Tanzania, according to a published report.

The Standard Bank Group of Johannesburg also has ongoing projects in Uganda and Kenya that encourage civil, social and economic development in the third-world nations, according to the African Business Review. And the bank is looking toward additional projects to widen its portfolio.

"We believe that it's possible to make a profound contribution to the physical and economic health and well-being of individual nations and the world at large by applying sophisticated financial instruments to the needs of grass roots populations," said Fenella Auoane of the bank's London office. "The fact that we are on the ground in Africa positions us ideally to combine local insight with our global capability in carbon trading in order to tailor answers and funding that very accurately meet the need for sustainable development on the continent,"

In addition to the solar water project heater project for low-cost housing, Standard Bank is funding the supply of 1.5 million residences with hand-held LED lights. Those lights will replace kerosene lamps, which emit noxious fumes and cause burns.