EBRD and pensions investor announce €500m, five-year climate package

The ILX pension fund investor set up with the backing of German, Dutch and British public money has committed to join the EBRD in providing the finance for climate-related investment across the lender’s sphere of influence.

All investment projects will be climate and SDG linked, according to the development lender.

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The European Bank for Reconstruction and Development (EBRD) has announced a joint bid to co-invest €500 million in climate and UN sustainable development goal (SDG)-linked projects.

The London-based development lender this week announced the initiative, which will see Amsterdam-based European pension fund investor ILX commit funds to back EBRD lending across the latter's markets in central Europe, central Asia, the western Balkans and the south and east Mediterranean.

ILX, which was established with grant funding from German development bank KfW; the Netherlands Ministry of Foreign Affairs; and the U.K.'s Foreign, Commonwealth and Development Office, recently received a $750 million (€667 million) commitment from the Netherlands' largest pension provider, APG Asset Management, towards its ILX Fund I cashpot. As a result, ILX is aiming for $1 billion (€889 million) for that fund.

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Announcing the plan to jointly invest €500 million across the EBRD's patch on Monday, the lender's first VP, Jürgen Rigterink, said: “The cooperation with ILX provides the EBRD with the opportunity to partner with leading European pension funds in co-financing the bank’s important SDG and climate-finance-related projects. ILX plays a key bridging role between institutional investors and development finance institutions to enable a critical market expansion in addressing our SDG and climate-related challenges.”

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