British International Investment Commits $75M to Green Basket Bond Initiative

British International Investment (BII) has committed $75 million to a second green basket bond organized by Symbiotics Investments. This initiative aims to fund small-scale green projects across Africa, South and South-East Asia, with half of the financing directed to India. The effort focuses on renewable energy, energy efficiency, and sustainable development.

British International Investment, the UK's development finance institution, has pledged $75 million to a second green basket bond facilitated by Symbiotics Investments, a leading emerging markets access platform and financial lender.

The new green lending initiative aims to bolster financing for small-scale green projects across Africa, South and South-East Asia, with 50% of the funds earmarked for India, according to BII's recent statement.

This effort builds on the first green basket bond that supported 11 MSME lenders in various countries including India, Vietnam, and Kenya. ''Partnering with Symbiotics on a second green basket bond underlines our ongoing commitment to empowering smaller financial institutions and promoting sustainable development in climate-vulnerable regions,'' said Samir Abhyankar, BII Managing Director.

As in the previous bond, funding will target renewable energy, energy efficiency, clean transportation, green buildings, agriculture, and forestry projects. ''We hope this initiative will catalyze further capital mobilization for crucial projects tackling climate change,'' said Symbiotics Investments CEO Yvan Renaud.