The UK Green Investment Bank (GIB) has announced a £200m ($296.98m) international green investment pilot program to invest in renewable energy and energy efficiency projects in East Africa, South Africa and India.

Shaun Kingsbury, CEO of UK Green Investment Bank, said: “This important new pilot program will see GIB investing outside the UK for the first time.”

“I am confident that our unique business model, tried and tested in the UK, will have a very positive effect in developing countries, helping them to build vital new green energy infrastructure,” he added.

The terms were agreed with the Department for Energy and Climate Change (DECC).

GIB’s approach will match the business model it has developed for the UK - investing in green projects on commercial terms and mobilizing additional private sector capital.

GIB will recruit a dedicated team to manage the project, overseen by a Board whose members will be drawn from DECC and GIB.

GIB will now begin the process of finalizing the program details and identifying suitable investment opportunities.

All investments will be announced publicly, in line with GIB’s existing commitment to transparency.

Edward Davey, Secretary of State for Energy and Climate Change, said: “It is vital that we use public climate finance to catalyze private investment into developing countries.”

“We intend to commit £200m of UK climate finance in the pilot over three years, to invest in renewable energy and energy efficiency projects in developing countries; supporting economic growth, job creation, and development of reliable energy infrastructure,” he said.

Davey said that the pilot aims to demonstrate the commercial viability of low carbon investment and crowding-in of private investment in addition to delivering significant emissions reductions.

“This will complement the existing portfolio of ICF investments [the UK’s International Climate Fund], which work through multilateral development partners, such as the World Bank, as well as direct support to programs developed and delivered in countries,” he said.

The UK Green Investment Bank, wholly owned by the British Government, was launched in November 2012.

With £3.8bn of funding from the UK Government, it is the first bank of its kind in the world.