The pilot will involve £200 million of investments (in what?), additional to GIB’s allocation of £3.8 billion that it uses to invest in UK projects.
The bank will initially target three regions, specifically East Africa, South Africa and India. It will focus on investments in renewable energy and energy efficiency and its approach to the pilot will match the business model developed by the bank in the UK. This means it will invest in green projects on commercial terms while also mobilising additional private sector capital.
The bank will recruit a dedicated team to manage the project, which will be oversee by a Board with members drawn from DECC and GIB. Currently, the bank is moving forward to begin the process of finalising the programme details and identifying suitable investment opportunities. All the investments will be announced publicly in line with GIB’s existing commitment to transparency.
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