South African State Bank to Set Up Its First Biodiversity Fund
- DBSA aims to tap Global Environment Facility, other investors
- Initial funding will come from bank’s own Green Fund
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The Development Bank of Southern Africa is setting up its first biodiversity fund and will approach one of the world’s biggest dedicated environmental funds later this year to boost its size.
The biodiversity fund will get 50 million rand ($2.7 million) of seed capital from the DBSA’s Green Fund, which was established with 1.1 billion rand from the South African government’s environment department. The state-owned bank will then target the Global Environment Facility and private investors for additional financing.