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.