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European Development Finance Institutions (DFIs) invested $115M in the South Asia Growth Fund II, an investment fund dedicated to supporting energy and water efficiency in India and Bangladesh.

The South Asia Growth Fund II (SAGF II), sponsored by GEF Capital Partners, will invest in businesses promoting cleaner sources of energy and industrial production, efficient utilisation of energy and materials, and sustainable management of natural resources in South Asia. SAGF II will mostly target companies operating in India but may also invest in similar companies in Bangladesh.

Seven European DFIs (BIO-Invest, CDC Group, EIB, FMO, Proparco, SIFEM and Swedfund) joined forces to bring the fund to its first closing at $130 million.

The SAGF II investment team will build on the experience gathered from the South Asia Clean Energy Fund, which was launched in 2010 and now benefits from a strong track record on climate change mitigation. 

Invested companies will also benefit from the investment team’s commitment to promoting the best environmental, social, governance and management practices.

This project will contribute to the United Nations’ Sustainable Development Goal #6 (clean water and sanitation) and #7 (affordable and clean energy) and will help both countries build resilience to climate change.

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