The Commonwealth Investment Network – next phase announced

7 Sept

Moving from pilot to scale

The Commonwealth Investment Network was established to unlock finance for highly climate exposed Commonwealth countries. The CIN operates as shared Commonwealth investment infrastructure, addressing systemic barriers that limit capital deployment. Its core objective is to build the conditions, capabilities and pipelines required for sustained investment flows, with value created and retained within local economies and institutions.

These markets face a two-sided challenge: limited investment‑ready pipelines, and limited funders and investment structures with the expertise to deploy capital locally. These challenges are exacerbated by a lack of mechanisms for cost effective investment, aligned capital deployment, and durable market infrastructure that can channel diverse sources of finance into smaller, risk exposed markets at scale. By addressing these barriers, the CIN aims to support the strengthening of economic resilience and enable inclusive economic growth.

Following the successful delivery of Phase II, the Cambridge Centre for Alternative Finance (CCAF), in partnership with Financial Innovation for Impact (Fii), has been appointed as the continued delivery partner for the CIN. The next phase of work includes working closely with local partners and continuing to expand the member-led model to deliver long-term impact, deepening and scaling delivery through three concurrent and interconnected pillars of System-Level Change:

Bankability: Scaled investment readiness support for climate-positive SMEs and projects, building bankable pipeline matched to investor appetite. Establishing a sustainable long-term model through capacity development within IPAs, ministries and local partner organisations

Enabling Environment: Building the institutional conditions and governance that underpin robust investment systems and enable private capital to flow. Co-design of investment frameworks, public interventions for real economy impact, sandbox mechanisms, and regulation. The Knowledge Exchange (CIN KE) drives shared learning and case study uptake cross Commonwealth markets, reducing duplication and accelerating adoption.

Investor Solutions: Investor-facing interventions that resolve structural barriers to capital flows at scale, building durable Commonwealth infrastructure and capabilities.

Initially focused on supporting the development of a pipeline of climate-positive businesses and projects in Commonwealth Caribbean and Pacific SIDS, the CIN’s pilot phase successfully engaged international funders, facilitated knowledge exchange, built IPA capacity and provided tailored technical assistance. Early wins included the development of bankable projects with mobilisation of capital for 30% of cohort businesses within 3 months, and 100% of our inaugural cohort rating the programme excellent, stating they would recommend to a peer, and confirming they have increased bankability.

The next phase

Going forward, the CIN will continue to deliver through three concurrent and interconnected pillars of System-Level Change:

1. Bankability and business acceleration:

Systematically expanding the pipeline of investment-ready opportunities, while embedding capability within local ecosystems.

This is being achieved through:

Scalable business acceleration and project preparation models, combining self-serve learning resources, tools and mentor-led support to reach a larger volume of businesses and projects.

Continued pipeline development, facilitated by the creation of standardised pathways/toolkits for diagnostics, technical assistance and investment readiness.

Collaboration with, and deepening the expertise of, Investment Promotion Agencies (IPAs), local partners and ecosystem institutions.

Building a distributed delivery model, enabling local partners to deliver acceleration using CIN tools and curricula to establish a sustainable approach over the long term

This approach moves beyond high-touch pilots to a repeatable, locally deliverable model, designed to support significantly higher volumes of businesses and empower local partners.

Result: A stronger, more consistent pipeline of investable businesses and projects, supported by local institutions with the capability to sustain and scale delivery.

> If you are a project or business which would like to be considered for CIN support, please enquire here.

> If you are an IPA, accelerator, trade body or ecosystem organisation and would like to explore a partnership with or support from CIN, please enquire here.

2. Enabling environment and institutional strengthening:

The CIN places equal emphasis on improving the institutional and market conditions required for capital to flow.

In parallel, the CIN works with partners to:

Co-design investment frameworks, taxonomies and governance mechanisms which can deliver real-economy impact and community benefit, leveraging a private sector lens and sandboxing tools;

Support implementation and uptake, diagnosing and providing solutions where frameworks fail to translate into sustained market activity;

Establish country-specific collaboration spaces, enabling deeper engagement of key barriers and market opportunities in priority markets;

Strengthen linkages between government, private sector and financial institutions.

At the centre of this is the CIN Knowledge Exchange (CIN KE), which serves as shared Commonwealth infrastructure to prevent duplication and scale expertise through:

Practical tools, guidance and case studies;

Peer learning and collaboration across member states;

Reducing time-to-solution and accelerating adoption of proven approaches.

This pillar is explicitly focused on practical usability and adoption, ensuring that improvements to the enabling environment are grounded in market needs.

Result: Stronger institutions, improved coordination, and more investable and transparent markets, where good governance increases participation from local and international financial actors.

> If you are a government, regulator or public body and would like to explore how CIN can help you, please enquire here.

3. Investor-facing strategic initiatives:

Building on the foundations above, the CIN is developing targeted strategic initiatives to address persistent structural barriers to capital flows.

These initiatives, co-developed with our Expert Advisory Board and market participants, focus on scalable, system-level solutions, including:

Capital alignment and orchestration platform A neutral, non-transactional platform which helps local financial institutions, DFIs, climate funds and impact investors to deploy complementary capital into the same projects/themes. Standardises documentation, reduces search costs, and builds local institution capacity to participate in blended structures

Project aggregation and innovation hubs Creating larger, investable opportunities by clustering businesses either into portfolios (thematic/value chain based) or physically through co-location within shared resilient infrastructure

Pre-feasibility and impact data layer Aggregating available data resources to develop AI-enabled shared, standardised country-sector data capabilities, supporting projects to prioritise revenue and impact to achieve sustainable growth, and delivering early-stage ESIA or feasibility analysis

Risk-sharing as an enabler Working with insurance partners to explore mechanisms for embedded risk transfer, improving resilience and investment attractiveness

These initiatives are being tested in targeted contexts and are intended to build replicable models that can be adapted across Commonwealth markets over time.

Result: Reduced structural barriers, greater capital mobilisation, and scalable investment infrastructure that moves systems rather than point solutions, building with and strengthening local systems.

> If you are an investor, financial institution, family office, DFI or MDB and would like to explore collaboration or a partnership with from CIN, please enquire here.

A cross-cutting approach

Across all pillars, the CIN is focused on:

Building local ownership and capability Ensuring delivery increasingly sits with local institutions, partners and financial actors.

Working through partnerships Engaging governments, IPAs, financial institutions, and regional organisations in co-design and implementation.

Leveraging the Commonwealth Advantage Using shared systems and trusted relationships to accelerate learning and reduce costs.

Prioritising resilience for climate-vulnerable states Positioning investable opportunities for growth and resilience.

There is also potential to extend activity into additional markets over time, guided by demand, readiness and partnership opportunities.

If you are interested in joining one of our working groups on system-level solutions, please enquire here.

Looking ahead

As we begin implementing Phase III of the CIN, the Commonwealth Secretariat and FCDO share:

"The Commonwealth Investment Network represents exactly the kind of collaborative, member-led capital mobilisation infrastructure the Commonwealth needs to turn climate adaptation, transition and resilience needs into investment opportunities. Phase III builds on tangible results and strong momentum, and we look forward to seeing its impact deepen across our member states." - Opeyemi Abebe, Acting Senior Director, Economic Development, Trade & Investment Directorate, Commonwealth Secretariat.

"The UK is proud to support the Commonwealth Investment Network (CIN), which helps create the conditions for greater investment in Commonwealth countries. By working with local partners and international investors, the CIN helps attract private finance to areas where it can have the greatest, and most sustainable, impact supporting economic growth and resilience." - Simon Thomas, Commonwealth Envoy, Foreign, Commonwealth & Development Office.

Background

The Commonwealth Investment Network (CIN) was launched at the Commonwealth Heads of Government Meeting in October 2024 to foster collaboration among local, regional and international partners to identify and support investment opportunities in climate-vulnerable countries including Small Island Developing States (SIDS) in the Commonwealth. It serves as a key mechanism to drive the delivery of the Commonwealth Plan of Action on Investment and the Commonwealth Secretariat Strategic Plan 2025 - 2030, the ultimate goal of which is to boost trade and investment and build economic resilience across the Commonwealth.

Phase 0 & I of the CIN (October 2024 – March 2025) established its governance, delivery mechanisms and priorities.

Phase II (September 2025 – March 2026) validated the CIN’s 3-pillar intervention model for system-level change (Bankability, Enabling Environment & Strategic Initiatives) by piloting initiatives in the Caribbean and Pacific SIDS, establishing extensive networks across priority markets and demonstrating demand for system-level solutions & geographic scale in the next phase. The CIN Showcase received positive media attention, including from Channels Television (Nigeria), and a press release from the Commonwealth Secretariat.

Key messages for stakeholders

The CIN is focused on building the foundations for investment, not only facilitating transactions.

Bankability and local capacity are central to delivery and long-term impact.

Strengthening enabling environments and institutions is essential to unlocking capital at scale.

Engagement with local financial institutions and partners to ensure a locally led and grounded approach is a core priority.

Strategic initiatives are designed to deliver system-level change, building on established capability.

The CIN is a collaborative, member-led and Commonwealth-wide platform, with increasing potential for replication and scale.

Engaging with us and support from CIN

The CIN aims to be a true network, meeting the needs of stakeholders in Commonwealth countries. We continue to build partnerships with organisations across the value chain. We will soon be opening a registration form to become part of the pipeline of CIN climate-positive businesses and projects.

If you would like to discuss how the CIN could support or collaborate with you, please reach out to Philippa Martinelli, Head of Climate & Transition Finance, Financial Innovation for Impact: philippa.martinelli@fii.international

Capital Mobilisation

Fii works across four interconnected levers to mobilise capital, unlock markets, and accelerate climate and development outcome.

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Katherine Selby