Bjork Drafted In To Resurrect Iceland's Economy

Icelandic singer Bjork has formed part of a venture fund designed to save her country’s struggling economy.

The fund, which is led by venture capital firm, Audur Capital, will invest finances into companies that are socially and environmentally responsible.

Iceland’s economy has been one of the worst affected by the ongoing global financial crisis.

The BJORK venture fund has announced an initial investment of 100million Iceland kronur, according to Billboard.

"The fund will invest in sustainable businesses that create value through the country's unique resources, spectacular nature, vibrant culture and green energy," a statement said.

Investors interested in participating in the fund will have until March 2009 to get involved.

As previously reported on Gigwise, Iceland fell into trouble in October when the Icelandic government took control of the Landsbanki bank and declared it insolvent.

The fallout from the takeover was immediately felt in the UK, where hundreds of thousands of citizens and major councils held accounts with Icesave, a subsidiary of Landsbanki.