NbS Triple Win Toolkit: Economics and Finance 94 Investors IFC Forestbond issuer KasigauProject VCU emission reduction purchase agreement Carbon credits Investment Interest payable(carbon credits or cash) Global NGO Privatecompany Local NGO Technical assistance Carbon credits Advice 1 5 4 Purchase of excess carbon credits 6 3 2 Adapted from International Finance Corporation (IFC). 2016. Forests Bond. Model B – Bond financing carbon credits Click the number on each arrowto see description of model. Legend Flow of finance Repayment of finance Technical assistance Other flows