Friday 26 November 2021
Revamped British finance institution to boost clean growth in developing countries
Foreign Secretary Liz Truss has announced the British International Investment (BII), which will serve as a financial institution, investing billions into infrastructure and technologies in developing nations across Asia, Africa and the Caribbean.
She has renamed the institution the BII from the CDC to align with Prime Minister Boris Johnson’s aim of the Clean Green Initiative – to help lower income countries grow their economies in a sustainable way and tackle climate change.
The government has set plans for up to £8 billion a year in public and private sector investment to be mobilised in international projects by 2025.
The Foreign Secretary has stated that BII will work with a focus on sustainable and clean infrastructure for developing countries at the heart of it – and work to ensure that financing is reliable and does not leave these countries in crippling debts.
During the next five years, it has been announced that the BII will invest billions into low-income nations’ solar power projects, clean transport and the infrastructure needed to fight the natural disasters that are becoming frequent due to the impacts of climate change.
The BII will be Chaired by Diana Layfield and work alongside UK Export Finance (UKEF) in delivering investment and funding.
Ms Truss commented: “When freedom-loving democracies invest in infrastructure and supply technical expertise, it makes countries freer, wealthier and more secure.
“Too many countries are loading their balance sheets with unsustainable debt. Reliable and honest sources of finance are needed. Britain and our allies will provide that, with British International Investment a key delivery vehicle.
“This is a win-win for all. It benefits Britain by creating jobs and opportunities for our people – and it helps grow economies across Asia, Africa and the Caribbean while drawing them closer towards free-market democracies and building a network of liberty across the world.”
