British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, has announced a $75 million commitment to the second Green Basket Bond, arranged by Symbiotics Investments. This leading emerging markets access platform and financial lender aims to increase financing for small-scale green projects across Africa, South, and South-East Asia, with a particular focus on India, through MSME lenders.
The new green lending programme builds on the success of the first Green Basket Bond issued in 2022. It will leverage Symbiotics’ global network and BII’s extensive 76-year track record as an impact investor to support an additional 10 to 15 MSME lenders. These lenders typically require smaller investment capital than BII can directly fund.
The initiative will direct lending towards small businesses that often struggle to access funding, particularly for green projects. As with the first bond, the funding will support renewable energy, energy efficiency, clean transportation, green buildings, agriculture, forestry, and other green projects.
Samir Abhyankar, Managing Director and Head of Financial Services at BII, highlighted the 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. The expansion of this programme is a testament to the positive impact and success of the initial partnership. We look forward to continuing our work with Symbiotics to mobilise more private capital into this space,” Abhyankar stated.
Yvan Renaud, CEO of Symbiotics Investments, expressed gratitude for BII’s partnership on the 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 that this second green basket bond will have a catalytic effect on the mobilisation of capital for similar projects that play a key role in successfully tackling climate change and its consequences,” Renaud added.
This collaboration marks a significant step towards increasing green financing and supporting sustainable development in regions most affected by climate change.
