The UK Minister of State for Development, Anneliese Dodds, has announced the provision of about £100 million for MOBILIST, the UK’s flagship public markets programme.
He further reiterated the government’s commitment to reforming the global financial system to ensure long-term growth and resilience.
This was contained in a statement by the British High Commission in Lagos.
The funding aims to unlock investment opportunities in emerging markets, supporting businesses that drive sustainable development and economic growth.
According to the statement, the government will partner with MOBILIST to advance its Plan for Change, focusing on tackling climate change while boosting both domestic and global economies.
Speaking at the London Stock Exchange, Minister of State for Development, stressed on the importance of leveraging the expertise of the UK’s financial sector to accelerate the achievement of the UN’s Sustainable Development Goals.
“With businesses and the government working hand in hand to drive investment in the Global South, we can unlock growth, jobs, trade, investment, and pride in our economy overseas and here at home. This government is enabling the financial services sector to flourish and use its expertise and depth of capital to invest in the markets and technologies of the future. Through partnerships like this, we will deliver on the Plan for Change, drive domestic growth, and create a world free from poverty on a livable planet.”
She highlighted the recent issuance of the Climate Investment Funds (CIF) Capital Markets Mechanism bond, which raised $500 million for clean energy projects in developing countries. The bond, launched by the UK Prime Minister at COP29, is designed to attract private investment for sustainable initiatives.
“These investments will support economic growth, sustainable development, and climate action in local markets. As today’s announcements demonstrate, this government’s modern approach to development focuses on harnessing the power of the private sector in mobilising the finance emerging markets need to grow. This will create future export markets for the UK and new overseas investment opportunities, supporting domestic growth and delivering on the government’s Plan for Change. It will also make the UK safer and more stable by tackling the drivers of conflict, climate crises and economic decline in partner countries”.
The statement explains that the UK government’s modern development approach prioritizes private-sector involvement to mobilize finance for emerging markets, creating new export opportunities and enhancing economic stability.
Also speaking, UK Climate Minister Kerry McCarthy said: “This is a historic moment for tackling the climate crisis, with the first bond raising $500 million to accelerate the global clean energy transition and support the flow of climate finance to developing countries. Public finance alone cannot tackle the scale of this challenge, and this mechanism will help leverage the private finance needed to support those on the frontline of a changing climate. Its listing in the UK positions London as a green finance capital. By working with partners such as the World Bank the UK can drive the action needed to grow the economy and reap the rewards of net zero.”
The Chief Executive Officer of the London Stock Exchange, Julia Hoggett: “Flows of investment are vital to generating sustainable growth both in the UK and around the world. London’s capital markets have long played a leading role in driving flows of capital to where they need to go, and we welcome the focus on fuelling growth and supporting the just transition to net zero. As part of these efforts, we are proud to celebrate the listing of the Climate Investment Funds’ Capital Markets Mechanism on the London Stock Exchange. This pioneering bond issuance programme not only brings a new financing tool to our market but is facilitating critical investment in sustainable and clean assets.”
The new MOBILIST funding is expected to generate between £400 million and £600 million in investments across Asia, Africa, and Latin America, fostering sustainable development and climate action.
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