The UK’s Green Investment Bank (GIB) is launching a £200million international green investment pilot program. News of the pilot program follows GIB reaching an agreement with the Department of Energy and Climate Change (DECC) on the terms of the pilot program.
This will be GIB’s first time investing outside the UK.
The pilot will involve £200million of investments that will initially target three regions; East Africa, South Africa, India. GIB’s focus will be in renewable energy and energy efficiency.
The lending institution said this that its approach to the pilot will match the business model it has developed for the UK, investing in green projects on commercial terms and mobilizing additional private sector capital.
GIB plans to recruit a dedicated team to manage the project, overseen by a board whose members will be drawn from DECC and GIB.
GIB will now begin the process of finalizing the program details and identifying suitable investment opportunities. All investments will be announced publicly, in line with GIB’s existing commitment to transparency.