Nigeria, with the largest economy in sub-Saharan Africa, is launching its own development bank. The Development Bank of Nigeria, conceived in 2014, is now capitalized with $1.3 billion from the World Bank, KfW, the African Development Bank and the Agence Française de Development. The bank aims to lower borrowing rates and lengthen loan tenures for
Cal State Los Angeles and SUNY Stonybrook had the highest “mobility rate” in a new study by the Equality of Opportunity Project. The study of 30 million college students tracked the likelihood that a student from a lower-income family ends up in a higher-income family. Pace University in New York was the rare private school
ADM Capital, based in Hong Kong, will get an undisclosed amount from the investment matchmaking platform Convergence to develop its plans to boost investment in smallholder farmer livelihood, rural electricity and greenhouse gas reduction in Indonesia. Cash-generating projects in the Tropical Landscapes Financing Facility will be packaged into a Tropical Landscapes Bond in order to
The fourth fund of the venture arm of the nonprofit community development finance institution will look for investments of $250,000 to $750,000 that support jobs for low- to moderate-income Mainers. Coastal Enterprises Inc., CEI Ventures’ parent company, seeded the fund with $1.5 million, which helped bring in eight investors and 17 local and regional banks. CEI
The big Swiss bank UBS is looking for ways to put its clients’ wealth to work on some of the 17 Global Goals, including hunger, health, education, infrastructure, clean energy and climate action (UBS said peace, justice and strong institutions are less investable). Something like $5 trillion a year is needed to meet the goals.
Norway has pledged $100 million to a $400 million fund to protect five million hectares of forest and peatlands by 2020. The new fund, to be managed by the Dutch manager IDH, will invest in forest-rich countries to boost the productivity of farmers while protecting forests and reducing greenhouse gas emissions. Unilever is the first corporate
Climate Finance The world’s biggest carbon-emitter raised $36.2 billion for bonds to meet its ambitious carbon reduction targets. That pushed the global value of green bonds issued last year to a record $93 billion, up 120 percent from 2015. Moody’s Investor Services said green bond issues could more than double again in 2017, to $206