British International Investment (BII), a U.K. development finance institution and impact investor, and FirstRand, one of Africa’s largest financial institutions, have announced a $150 million financing facility to accelerate transition finance projects across Africa, addressing the challenges of climate change and efforts required to combat it.
Transition finance plays a vital role in enabling high-emitting sectors to decarbonize in alignment with the Paris Agreement while safeguarding jobs and economic growth. By directing capital to industries that are economically essential yet hard to abate, transition finance helps accelerate the shift to low-carbon economies without compromising development objectives.
Through this partnership, BII will provide both capital and technical assistance to establish FirstRand’s transition finance framework and practices, as well as to grow its respective portfolio within its corporate and commercial banking arms, RMB and FNB. The
