▪︎L- r: Dr Doris Uzoka-Anite, Minister of Industry , Trade and Investment with Liz Lloyd, the Chief Investment Officer of British International Investment (BritishIntInv) in Abuja. File photo
British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, has committed $75 million to the second green basket bond arranged by Symbiotics Investments, a leading emerging markets access platform and financial lenders.
The first Green Basket Bond supported 11 MSME lenders in India, Vietnam, Cambodia, Tunisia, Botswana, Kenya, Bangladesh and Nepal.
The green lending programme will increase financing to small-scale green projects across Africa, South and South-East Asia through MSME lenders, with a particular focus on India. It will support new MSME lenders not included in the first Green Basket Bond.
Following the success of the first Green Basket Bond issued in 2022, this programme will continue to leverage Symbiotics’ global network, and BII’s 76-year track record as an impact investor, to support an additional 10 – 15 MSME lenders who require smaller investment capital than BII is typically able to fund directly.
The MSME lenders will direct their lending to small businesses that usually find it difficult to access funding, and even more so for green projects. As with the first green basket bond, funding will be provided to green projects that span renewable energy, energy efficiency, clean transportation, green buildings, agriculture, forestry and more.
The Managing Director and Head of Financial Services, British International Investment, Samir Abhyankar, 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.”
The CEO of Symbiotics Investments, Yvan Renaud 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.”