By Ebi Kesiena
British International Investment (BII), UK’s development finance institution and impact investor, has pledged $75 million to the second green basket bond, aiming to boost small-scale green projects.
Arranged by Symbiotics Investments, a platform and financial lender for emerging markets, this initiative targets increased financing for small-scale green projects in Africa and South Asia.
“We are committing $75 million to the second Green Basket Bond arranged by Symbiotics Investments, a leading emerging markets access platform and financial lender,” BII announced on Friday.
This bond will support new MSME lenders not included in the first Green Basket Bond, leveraging Symbiotics’ global network and BII’s 76-year history as an impact investor. The goal is to assist an additional 10-15 MSME lenders needing smaller investment capital than BII usually provides directly.
These MSME lenders will channel funds to small businesses struggling to secure financing, particularly for green projects. As with the first Green Basket Bond, funding will be directed towards initiatives such as renewable energy, energy efficiency, clean transportation, green buildings, agriculture, and forestry.
Samir Abhyankar, Managing Director and Head of Financial Services at BII, noted that 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 supports local businesses and projects and contributes to global efforts in building resilience against climate change. The expansion of this program is a testament to the positive impact and success of the initial partnership. We look forward to continuing our work with Symbiotics to further mobilize private capital into this space,” Abhyankar said.
Also, CEO of Symbiotics Investments, Yvan Renaud expressed gratitude to BII for partnering 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 this second green basket bond will catalyze capital mobilization for similar projects essential in tackling climate change and its consequences.”
The first Green Basket Bond supported 11 MSME lenders in Kenya, Botswana, India, Vietnam, Cambodia, Tunisia, Bangladesh, and Nepal.
