UK to expand development finance investment to boost growth

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A man wearing a protective face mask crosses the Westminster Bridge in London, UK, 22 November 2021. REUTERS / Henry Nichols

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LONDON, Nov. 24 (Reuters) – Britain will expand the size and range of its development funding facility to provide billions of pounds of infrastructure and technology investment in countries across Asia, Africa and the Caribbean, the government said.

The Foreign Office has announced a plan to rebrand the government-owned investment investment firm CDC as British International Investment (BII), the Foreign Office said the move is part of a strategy to deepen global economic, security and development ties.

“Too many countries have become indebted for close investment and we want to provide an honest and credible alternative that will allow those countries to grow,” Foreign Minister Liz Truss told Reuters ahead of the launch on Thursday at an event on the London Stock Exchange. Replace.

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BII will have £ 9 billion ($ 12 billion) in funding by 2025, Truss said. Along with continuing the CDC’s current role in Africa and South Asia, BII will also invest in low- and medium-income countries in the Indo-Pacific and the Caribbean.

It will be headed by Diana Lieffield, president of Google’s EMEA partnerships, and will partner with capital markets and sovereign wealth funds to increase funding, the government said.

The CDC, founded in 1948, has investments in more than 1,000 businesses in emerging economies, with a total net assets of £ 6.8 billion and a portfolio of £ 5.2 billion.

Tres said the BII would focus on investing in the transition to clean energy and infrastructure that would support it, and she expected the investment to also have trade benefits for the UK over time.

“It goes very hand in hand with our trade agenda,” she said.

“It’s all about helping countries get the trade and investment they need to be able to stand on their own two feet. Being able to give people in those countries the opportunity to set up factories, grow, develop and ultimately be more prosperous.”

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Reported by Kylie MacLellan Edited by Mark Potter

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