ISA, MIGA set up multi-donor trust fund to support solar projects.
Banking & Finance
The Multilateral Investment Guarantee Agency (MIGA), part of World Bank Group Guarantees and the International Solar Alliance (ISA), on Friday announced the setting up of a fund to support solar projects. The MIGA-ISA Solar Facility, a multi-donor trust fund, will combine ISA's technical expertise and MIGA's capacity to mobilise financing, creating an innovative mechanism to accelerate the global adoption of solar energy, according to a statement. The facility will offer concessional financing tools, including first-loss instruments and reinsurance capacity, to improve project bankability and lower the cost of MIGA guarantees.
The facility will initially focus on supporting Sub-Saharan Africa with plans to expand globally.
ISA has committed a seed funding of USD 2 million, with a target to raise USD 10 million for the facility.
Director General : Dr Ajay Mathur
Headquarter : Gurgaon (Haryana)
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