Aberdeen Standard Investments (ASI) has invested £50m ($71m) on behalf of its partner Phoenix Group, the UK insurer, in Black Sea Trade and Development Bank, supporting the implementation of its climate change strategy.
Specifically, proceeds will be used for projects financed directly, or through financial intermediaries, that target lower carbon and efficient energy generation, renewable energy, energy efficiency in industries and buildings both brownfield and greenfield, sustainable agricultural practices, waste and wastewater treatment that reduce greenhouse gases, and green transport systems.
The Bank supports economic development and regional co-operation in the Black Sea region through trade and project finance lending, guarantees, and equity participation in private enterprises and public entities.