Soros Economic Development Fund and IFU Invest Millions in Food Security and Clean Cooking Venture in Africa

Soros Economic Development Fund and IFU Invest Millions in Food Security and Clean Cooking Venture in Africa PR Newswire NEW YORK, Sept. 19, 2012 - Funding for CleanStar Mozambique benefits smallholder farmers and the environment, creates jobs, and protects families from indoor air pollution NEW YORK, Sept. 19, 2012 /PRNewswire/ -- To increase food security in Africa and stem the disastrous human and environmental costs of indoor cooking with charcoal, the Soros Economic Development Fund and the Industrialization Fund for Developing Countries today announced investments of nearly $9 million in CleanStar Mozambique, with the option to invest more in potential pan-African expansion. This is the third round of investment for CleanStar Mozambique which is also backed by CleanStar Ventures, Novozymes, ICM, and Bank of America Merrill Lynch. The Soros Economic Development Fund becomes the biggest cash investor in the $20 million venture and will provide $6 million to CleanStar Mozambique. IFU will contribute approximately $3 million. "CleanStar Mozambique has found a commercial and scalable way to alleviate poverty in Africa," said Stewart Paperin, president of the Soros Economic Development Fund. "This venture creates jobs, increases food security, and has sustainable environmental benefits. We'd like to see the charcoal replacement business operate successfully in dozens of countries throughout the continent.