BII Backs Green Projects in Africa and Asia
British International Investment (BII), a UK development finance institution (DFI) focused on impact investing, has committed $75 million to a new Green Basket Bond organised by Symbiotics Investments.
This initiative aims to increase funding for small-scale green projects across Africa, South Asia, and Southeast Asia.
Expanding Support for Green Businesses
Building on the success of the first Green Basket Bond launched in 2022, this programme leverages Symbiotics' global network and BII's extensive experience as an impact investor. The goal is to support 10-15 additional micro, small, and medium-sized enterprises (MSMEs) that need smaller investments than BII typically provides directly.
Focus on Financing Green Initiatives
These MSME lenders will focus on providing loans to small businesses that often struggle to secure funding, especially for eco-friendly projects. The funding will go towards green initiatives in various sectors, including renewable energy, energy efficiency, clean transportation, sustainable buildings, agriculture, and forestry.
Scaling Up Green Investments
The first Green Basket Bond successfully supported 11 MSMEs in India, Vietnam, Cambodia, Tunisia, Botswana, Kenya, Bangladesh, and Nepal. This new issuance furthers the progress towards achieving the United Nations Sustainable Development Goals (SDGs) for Affordable and Clean Energy (SDG 7) and Climate Action (SDG 13).
Samir Abhyankar, Managing Director and Head of Financial Services, British International Investment, said: “Partnering with Symbiotics on a second green basket bond signifies a continued commitment to empowering smaller financial institutions and supporting sustainable development in climate-vulnerable regions.
"Channelling capital to where it is most needed, not only supports local businesses and projects but also contributes to global efforts in building resilience against climate change. The expansion of this programme is a testament to the positive impact and success of the initial partnership. We look forward to continuing working with Symbiotics to further efforts to mobilise more private capital into this space.”
Yvan Renaud, CEO of Symbiotics Investments, added: “We are very grateful to British International Investment for partnering with Symbiotics on this second green basket bond. We share the view that financing dedicated MSME lenders and reaching smaller local businesses and projects strongly contributes to the effectiveness of climate finance.
"We hope that this second green basket bond will have a catalytic effect on the mobilisation of capital for similar projects that play a key role in successfully tackling climate change and its consequences.”
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Source: BII
