British International Investment to assist MSMEs with $75 million green financing

British International Investment (BII), the UK’s development finance institution, has subscribed to a $75 million (approximately Rs 5.85 billion) “Green Basket Bond” to finance micro, small and medium enterprise projects in Africa, South Asia and Southeast Asia via local banks. BII will allocate approximately 25 per cent of the capital to India (approximately $18.7 million or Rs 1.46 billion). The programme will facilitate loans for financing small-scale green projects such as rooftop solar panels, sustainable agriculture, energy efficient appliances including clean cookstoves, energy efficiency improvements to buildings and electric vehicles (EVs).