6 February 2024


Feb 2
Mirova Raises over $280 Million for Emerging Markets-Focused Climate Fund
Sustainability-focused investment manager Mirova announced today that it has reached $282 million in commitments for the Mirova Gigaton Fund, its blended finance debt fund aimed at accelerating the clean energy transition in emerging markets, reaching more than half of the fund’s $500 million target a year after launching. New investments in the Gigaton Fund since its first close in March 2023 include a $75 million senior commitment from the European Investment Bank (EIB).
Source: ESG Today
Feb 2
IFC’s $56-Million Investment in Global IME Bank to Bolster Gender and Climate Financing in Nepal
To help increase access to finance for smaller businesses in Nepal, including women-owned firms, and foster climate-friendly projects, IFC is investing $56 million in Global IME Bank Limited (GIBL), the largest commercial bank in the country. The aim is to boost competitiveness in the small and medium enterprise (SME) finance market while also improving financial inclusion, creating jobs, and supporting the nation's climate goals.
Source: IFC
Feb 1
A. Bery, Manager, Convergence: Blended Finance Trends for 2024
2024 will bear significant impact on whether the blended finance market achieves scale to meet the SDG financing needs in emerging and developing economies (EDMEs).
Source: Convergence
Feb 1
Closing the Climate Financing Gap for the Food Sector: 5 Strategies
A report by the World Economic Forum and Deloitte describes how the finance community can design, deploy, and scale climate funding solutions for food production systems.
Source: The Wall Street Journal
Jan 31
Aquaconnect Secures $4 MN to Transform Indian Aquaculture
Chennai-based full-stack aquaculture startup Aquaconnect has raised $4 Mn (INR 33 Cr) as part of a Pre-Series B funding round led by US-based S2G Ventures. This comes more than a year after the startup last raised $15 Mn as part of a Series A funding round led by Lok Capital in December 2022. Prior to that, it also secured $8 Mn in venture debt from Trifecta Capital in early 2022. The startup is also backed by names such as Louis Dreyfus Company Ventures, Suneight Investments, AgFunder, Omnivore, Rebright Partners, among others.
Source: Inc42
Jan 30
GSG Focuses on Impact Industry Evolution
GSG has expanded its network of NABs to 42 institutions across both developed and developing countries. A further 30 NABS are due to be created in the future. An overly prescriptive approach to defining and measuring impact risks prevents some useful investments being made, according to CEO Cliff Prior.
Source: Impact Investor
Jan 30
African Development Bank Sells Hybrid Note in Development Finance First
The African Development Bank (AfDB) has sold its long-awaited hybrid capital note, the first financing of its kind for multilateral development banks, which are under increasing pressure to find ways to boost their lending. The $750 million perpetual hybrid note has a 5.75% coupon, tighter than the 6.375% guidance. The deeply subordinated, debt-like equity instrument has a lower credit rating than the lender’s AAA-rated bonds and can be redeemed by investors after 10.5 years or every five years thereafter.
Source: Reuters

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