British International Investment (BII), the UK’s development finance institution and impact investor, has committed $75 million to the second Green Basket Bond arranged by Symbiotics Investments. This bond aims to increase financing for small-scale green projects across Africa, South, and Southeast Asia, with a particular focus on India, through MSME lenders.
Building on the success of the first Green Basket Bond issued in 2022, this program will continue leveraging Symbiotics’ global network and BII’s 76-year track record as an impact investor. The initiative is set to support an additional 10-15 MSME lenders who typically require smaller investment capital than BII usually provides directly. These lenders will target small businesses that struggle to access funding, especially for green projects.
The funded projects will cover renewable energy, energy efficiency, clean transportation, green buildings, agriculture, forestry, and more. This commitment underlines BII’s and Symbiotics’ dedication to empowering smaller financial institutions and promoting sustainable development in climate-vulnerable regions.
Samir Abhyankar, Managing Director and Head of Financial Services at BII, highlighted the importance of this partnership: “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.”
This expanded program demonstrates the positive impact and success of the initial partnership, and BII looks forward to furthering efforts to mobilize more private capital into this critical area.
