(Ecofin Agency) - The United Nations believes that Africa should avoid mirroring Europe's path of industrialization. Instead, its development must be inclusive and sustainable to ensure that all sectors of society participate in industrialization while preserving the environment.

On July 24, Norfund, the Norwegian investment fund for developing countries, announced a partnership with Veolia, a leading player in ecological transformation, to launch an innovative development and financing platform aimed at promoting sustainable industries across several African nations.

This platform will provide integrated solutions from design to financing through a single-window approach, including off-balance-sheet financing. It will help growing industrial enterprises tackle the dual challenge of securing reliable and affordable access to energy and water while managing their environmental impact.

Veolia brings extensive experience in waste, water, and energy management services to the industrial sector globally, along with a long-standing presence in Africa. Norfund has been active in the continent for 25 years, with a strong local presence and a portfolio of investments in manufacturing, renewable energy, and financial institutions.

Both organizations are leveraging their strengths for this new venture. “Across the continent, African industry has a great need to ensure reliable and affordable access to energy and water, without increasing their environmental footprint, but companies often lack financing for the necessary investments. We are pleased to partner with such a strong global player as Veolia to develop sustainable solutions to these challenges,” said Ellen Rasmussen, Executive Vice President of Growth Companies at Norfund.

Specifically, Norfund and Veolia will invest between €3 million and €50 million in projects, offering turnkey solutions and performance-based contracts to clients. Their focus will be on resource-intensive sectors such as food and beverages, materials, chemicals, and mining.