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Truss is transforming UK development finance institutions to provide jobs and clean growth.

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Formerly known as the CDC, the new strategy will be renamed British International Investment, which communicates the Prime Minister’s vision for the Clean Green Initiative to help countries grow their economies sustainably and fight climate change. It will help you.

Foreign Minister Liz Truss today (25 November) launched a revamped UK Development Finance institution that will invest billions of dollars in infrastructure and technology in low- and middle-income countries across Asia, Africa and the Caribbean.

An organization called British International Investment (BII) will be a key part of the government’s broader plan to mobilize public and private sector investments of up to $8 billion per year in international projects by 2025. This includes BII partnerships with capital markets and sovereignty. Asset funds to expand funding and help enter the private sector.

The Foreign Minister has agreed that the BII will prioritize sustainable infrastructure investments to provide clean, honest and reliable funding and to avoid leaving unsustainable debt in low- and middle-income countries. This is the Prime Minister’s at COP26 to help developing countries leverage clean technologies and sustainably grow their economies by providing billions of dollars in climate funding for projects such as solar power, sustainable transport and disaster recovery infrastructure over the next five years. based on the promise of .

It is part of the UK’s Freedom Strategy Network, which aims to deepen economic, security and development relations globally and put more countries on the trajectory of a free market economy, while providing jobs and growth in both the UK and developing countries. .

The Foreign Minister will launch the BII, formerly known as the CDC, on the London Stock Exchange this morning, before a panel event with key companies and investors to open the market.

Foreign Secretary Liz Truss said:

When liberty-loving democracies invest in infrastructure and provide technological expertise, countries become freer, richer and safer.

Too many countries are filling their balance sheets with unsustainable debt. You need a reliable and honest source of funding. The UK and our allies will provide a key vehicle of delivery through British International Investment.

This is a win-win for everyone. It benefits the UK by creating jobs and opportunities for our people. And it helps to grow economies in Asia, Africa and the Caribbean, while bringing them closer to free market democracy and building free networks around the world.

BII will work with its new Chairman, Diana Layfield, in collaboration with UK Export Finance (UKEF) and DIT, under a new strategy to provide UK expertise in:

It leverages its strengths as the world’s leading financial powerhouse, including partnerships with sovereign wealth funds towards capital markets and Asia. New market entry in Indo-Pacific and Caribbean Small modular reactors such as those being developed in Derbyshire. BII work will benefit the UK by creating opportunities in areas such as project management, construction and clean energy.

Our investments will operate according to defined core principles, including individual freedom, property protection and free markets. Investments are high quality, transparent and reliable.

BII CEO Nick ODonohoe said:

Our new name, British International Investment, builds on the UK’s unique success story at the CDC, bringing the best of UK finance, innovation, ethics and standards to developing countries.

Over the past five years, we have invested nearly $7 billion and mobilized billions more in Asia and Africa, helping businesses that employ more than 900,000 people and pay more than 10 billion in taxes.

This new strategy will allow us to invest more in more countries and finance critical infrastructure that will enable all countries to rebuild for the better and make a positive difference to countless lives.

BII will help achieve a step change in development finance through contributions to the UK’s Clean Green Initiative and the UK’s G7 Build Back Better World initiative. We will support our work of co-investing with our allies and partners in honest, clean and reliable infrastructure in low- and middle-income countries. This launch is part of a new suite of tools and expertise to help countries build their investment pipelines and expand their infrastructure investments. More details will be provided later.

Background Diana Layfield was appointed by the Minister of Foreign Affairs after a competitive process. She will be chaired and officially approved by the Financial Conduct Authority to join the board as a non-executive director. She is currently President of Google, Non-Executive Director of EMEA Partnerships and AstraZeneca. She was previously CEO of Standard Chartered, Africa. She is currently the director of the London School of Hygiene & Tropical Medicine. CDC will be rebranded as British International Investment (BII) on 4 April 2022. CDC/BII is a UK development finance institution. The company invests in more than 1,000 companies in emerging economies and has a total net worth of $6.8 billion. Here are some examples of CDC’s recent investments, including long-term partnerships to modernize and expand ports and logistics in Africa, starting with ports in Dakar (Senegal), Sokhna (Egypt) and Berbera (Somaliland). This includes ports, free zones, inland cargo handling facilities or dry ports, and inland transportation. This includes CDC assistance to emerging economies in Africa and Asia to address climate emergencies. All support for investments in nuclear energy is in accordance with our BII Policy on Non-Proliferation Obligations and Responsible Investments.

Sources

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2/ https://www.gov.uk/government/news/truss-revamps-british-development-finance-institution-to-deliver-jobs-and-clean-growth

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