ENA Global 2024-06-26 16:20:56 <p><span style="font-size:14px"><strong>New Delhi, Jun 26 (KNN)</strong> In a major boost for Micro, Small, and Medium Enterprises (MSMEs) in developing nations, British International Investment (BII), the UK's development finance institution, has committed USD 75 million to a second green basket bond.</span></p> <p><span style="font-size:14px">This initiative, arranged by Symbiotics Investments, is set to boost green financing for small businesses across Africa, South and South-East Asia.</span></p> <p><span style="font-size:14px">The green lending programme is tailored specifically for MSME lenders, aiming to increase financing to small-scale green projects.</span></p> <p><span style="font-size:14px">Notably, 50 per cent of the financing is designated for India, highlighting the country's significant MSME sector and its potential for green transformation.</span></p> <p><span style="font-size:14px">The second green basket bond expands on the success of its predecessor, which supported 11 MSME lenders in various countries including India, Vietnam, Cambodia, and others.</span></p> <p><span style="font-size:14px">By targeting new MSME lenders not included in the first bond, this initiative aims to broaden its impact and reach more small businesses.</span></p> <p><span style="font-size:14px">Samir Abhyankar, BII's Managing Director and Head of Financial Services Group, emphasised the importance of empowering smaller financial institutions that cater to MSMEs.</span></p> <p><span style="font-size:14px">He stated, This partnership signifies our continued commitment to supporting sustainable development in climate-vulnerable regions through the MSME sector. </span></p> <p><span style="font-size:14px">The bond will fund a wide array of green projects relevant to small businesses, including renewable energy, energy efficiency, clean transportation, green buildings, and sustainable agriculture.</span></p> <p><span style="font-size:14px">This diverse focus allows MSMEs across various sectors to access green financing and contribute to climate change mitigation efforts.</span></p> <p><span style="font-size:14px">Yvan Renaud, CEO of Symbiotics Investments, expressed optimism about the bond's potential to catalyse further investment in MSME-led green projects. We hope this second green basket bond will mobilise more capital for similar initiatives, recognising the key role of small businesses in tackling climate change, he said.</span></p> <p><span style="font-size:14px">As countries worldwide strive to meet their climate goals, the role of MSMEs in driving sustainable practices becomes increasingly critical.</span></p> <p><span style="font-size:14px">This innovative financial instrument not only supports the green transition of small businesses but also promotes inclusive economic growth in developing nations.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 38357 https://knnindia.co.in/news/newsdetails/global/british-intl-investment-commits-usd-75-mn-for-green-lending-to-small-businesses-in-africa-asia 2024-06-26 16:20:56 knnindia.co.in