The BII's Technical Assistance Facility will provide over $460,000 to improve climate financing expertise
British International Investment (BII) has committed $75 million to Symbiotics Investments' second Green Basket Bond. The programme will fund small green projects in Africa, South and Southeast Asia, with 50 percent set aside for India. The emphasis is on assisting new MSME lenders not included in the first bond.
Following the success of the first bond issued in 2022, this programme will use Symbiotics' global network and the BII's 76-year track record to assist 10-15 MSME lenders. The BII's Technical Assistance Facility will provide over $460,000 to improve climate financing expertise.
The new bond will be focused on India to help close the MSME financing gap and support the country's sustainability goals. Funding will be directed towards green projects in renewable energy, energy efficiency, clean transportation, green buildings, agriculture, and forestry.
Samir Abhyankar, BII Managing Director, stated, "This demonstrates our ongoing commitment to empowering financial institutions and promoting sustainable development. Channelling capital benefits local businesses and contributes to global efforts to build resilience to climate change."
Yvan Renaud, CEO of Symbiotics, added: "We believe that financing MSME lenders improves the effectiveness of climate finance. "We hope that this bond will act as a catalyst for capital mobilisation."
The first Green Basket Bond supported 11 MSME lenders from various countries. This publication contributes to the United Nations' Sustainable Development Goals for Affordable and Clean Energy and Climate Action.