31 January 2011: The World Bank will establish the world’s first Climate Innovation Center (CIC) in Nairobi, Kenya, an initiative spearheaded by the Royal Danish Embassy (DANIDA) and the Bank’s Information for Development Program (infoDev).

The CIC will provide targeted financing and capacity building to entrepreneurs and small and medium enterprises (SMEs) to scale up and deploy innovative clean technology solutions that meet local needs and create local jobs. In the first five years, the CIC is expected to create over 70 sustainable climate technology businesses, generating some 4,600 direct and indirect jobs. Over the next decade, it is estimated that over 24,000 jobs will be created in Kenya.

InfoDev, a technology and innovation led development finance programme of the World Bank and International Finance Corporation, is establishing a global network of CICs to enable the private sector in developing countries to proactively and profitably take part in green growth. [World Bank Press Release]