British International Investment Plc and the Netherlands-based ILX Management plan to co-fund as much as $500 million in debt of sustainable development projects across Africa, Asia and the Caribbean.

The money will be invested in renewable energy, infrastructure, financial services, manufacturing and agribusiness, the institutions said in a statement on Monday.

BII, the UK government’s development finance arm formerly known as CDC Group, is restricted to investing in the private sector and has assets of 8.1 billion pounds ($9.9 billion). ILX, an emerging market focused private debt fund, was created with support from the governments of Germany, the Netherlands and the UK.