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The Silicon Review Asia

EIB Announces $20M for Circulate Capital Ocean Fund I-B

EIB Announces $20M for Circulate Capital Ocean Fund I-B

CCOF I-B is looking to raise a total of USD$80 million and is therefore in consideration with other investors, as recently disclosed by the International Finance Corporation (IFC)

European Investment Bank (EIB) has announced $20 million for the Circulate Capital Ocean Fund I-B, which  invests both into disruptive innovations aligned with Circulate Capital Disrupt (CCD), the firm’s climate-tech strategy, and into the South and Southeast Asia recycling value chain, alongside the firm’s $112m Circulate Capital Ocean Fund (CCOF I).

European Investment Bank’s Vice-President Ricardo Mourinho Félix, said: “Preserving the health of our oceans is key to tackle the climate challenges and preserve our economic prosperity. Through the EIB’s Climate Bank Roadmap and Clean and Sustainable Ocean Programme, we are committed to investing in climate action and environmental sustainability around the World. In particular, we want to support projects aiming at reducing pollution, by recycling and re-using plastics, so that we can ensure a better future for all. I am therefore very pleased to back initiatives that make this financially viable, such as the Circulate Capital Ocean Fund I-B.”

CCOF I-B is looking to raise a total of USD$80 million and is therefore in consideration with other investors, as recently disclosed by the International Finance Corporation (IFC). The fund's initial investments have been on companies that are working in biotechnologies, sustainable fashion, and smart materials sectors as well as digitization of the recycling value chain to combat plastic waste and climate change.

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