BII vows $75 mn to Symbiotics’ 2nd inexperienced basket bond for rising markets | Information on Markets

British Worldwide Funding, the UK’s improvement finance establishment, on Tuesday stated it has dedicated $75 million (about Rs 625 crore) to the second inexperienced basket bond organized by rising markets entry platform and monetary lender Symbiotics Investments.

The inexperienced lending programme will enhance financing to small-scale inexperienced initiatives throughout Africa, South and South-East Asia by way of MSME lenders, with 50 per cent of the financing earmarked for India, British Worldwide Funding (BII) stated in an announcement.

It is going to give attention to supporting new MSME lenders not included within the first inexperienced basket bond. The primary inexperienced basket bond supported 11 MSME lenders in India, Vietnam, Cambodia, Tunisia, Botswana, Kenya, Bangladesh and Nepal, it added.

“Partnering with Symbiotics on a second inexperienced basket bond signifies a continued dedication to empowering smaller monetary establishments and supporting sustainable improvement in climate-vulnerable areas,” BII Managing Director and Head of Monetary Companies Group, Samir Abhyankar stated.

As with the primary inexperienced basket bond, funding might be offered to inexperienced initiatives that span renewable power, power effectivity, clear transportation, inexperienced buildings, agriculture, forestry and extra, the assertion stated.

“We hope that this second inexperienced basket bond could have a catalytic impact on the mobilisation of capital for comparable initiatives that play a key function in efficiently tackling local weather change and its penalties,” Symbiotics Investments CEO Yvan Renaud stated.

First Printed: Jun 25 2024 | 5:43 PM IST