Climate Investment Funds, a $12 billion fund hosted by the World Bank, issued a $500 million bond on Tuesday in an effort to raise trillions of dollars to invest in low-carbon technologies.
“There has been a shift in the past few years in the concept of development finance and climate finance to be more efficient with their capital,” Tariye Gbadegesin, the CEO of CIF, told Devex. With more demand for climate finance and increasing frugality among donor nations, the need for higher quality sustainable climate finance is rising, she said.
The three-year bond attracted over $3 billion in investor orders — more than six times the initial offering. The World Bank is acting as treasury manager for the bond.
Printing articles to share with others is a breach of our terms and conditions and copyright policy. Please use the sharing options on the left side of the article. Devex Pro members may share up to 10 articles per month using the Pro share tool ( ).
About the author
Jesse Chase-Lubitz
Jesse Chase-Lubitz covers climate change and multilateral development banks for Devex. She previously worked at Nature Magazine, where she received a Pulitzer grant for an investigation into land reclamation. She has written for outlets such as Al Jazeera, Bloomberg, the Organized Crime and Corruption Reporting Project, and The Japan Times, among others. Jesse holds a master’s degree in Environmental Policy and Regulation from the London School of Economics.
