…New name better reflects scope of UK’s development finance institution
…British International Investment to play key role in fighting the climate emergency
…British International Investment has a portfolio of more than $4billion in Africa, and over 600 valued partnerships with ambitious businesses
WED 06 APRIL, 2022-theGBJournal| CDC Group, the UK’s development finance institution and impact investor, has been formally renamed British International Investment (BII).
Nick O’Donohoe, the Chief Executive of British International Investment, said: “This is an incredibly significant milestone in the history of our company. British International Investment will build on CDC’s legacy by inheriting its unparalleled experience of impact investing and deep-rooted knowledge of the markets in which it invests.
We will continue to solve the biggest global development challenges by investing patient, flexible capital to support private sector growth and innovation. And, we will help to alleviate poverty by building productive, sustainable and inclusive economic outcomes for those that need fair and transparent investment the most.”
Founded in 1948, the UK’s development finance institution (DFI) invests patient, flexible capital to support private-sector growth and innovation. In 2022, the DFI announced that it exceeded its pledge to invest £2 billion in Africa over the last two years. British International Investment has a portfolio value of $4.2bn in Africa, with over 600 businesses in the portfolio.
The organisation will invest between £1.5 and £2 billion per year in green infrastructure, technology and other sectors to support countries in Africa, Asia and the Caribbean.
Situated in seven locations across the Continent, BII has a portfolio value of over $4billion, with over 600 local businesses. Portfolio highlights include: Global Partnership for Ethiopia, FirstBank Nigeria, 14Trees, ETG, AfricInvest, Novastar, Zambeef, Equity Bank, Access Bank plc, Redstone Concentrated Solar Power Project among many more.
British International Investment is at the heart of the UK Government’s international financing offer to Africa and other emerging economies. It builds on a 74-year track record of forming strong partnerships with thousands of ambitious businesses to create positive social and economic outcomes for the countries in which it operates. The impact investor will play a key role in the UK Government’s wider plans to mobilise up to £8 billion a year of public and private sector investment in international projects by 2025.
Mr O’Donohoe added: “British International Investment is a strong, modern identity, which captures who we are and what we do. It communicates the increased breadth of what we do as an organisation. It also clearly defines us as a British institution that is working to bring not just capital but high standards and transparency to our investments. And it highlights our critical role as part of the UK Government’s international financing offer.”
Foreign, Commonwealth and Development Secretary, Liz Truss, said: “The revamped British International Investment is at the heart of Britain’s financing offer to low and middle income countries and our ambitious plan to mobilise up to £8 billion of investment a year by 2025. We will provide reliable and honest sources of finance to low and middle income nations including in Asia, Africa and the Caribbean and at the same time deliver for people in the UK, creating jobs and export opportunities.”
British International Investment has a clear focus on helping to address the huge challenge that climate change presents across Africa. At least 30 per cent of its total investments over the next five years will be in climate finance – making it one of the largest such investor in African economies. It has also set a new ambition to scale investment into a range of vital sectors, including clean infrastructure, digital transformation and earlier-stage, disruptive businesses that offer radical solutions to the key development challenges on the African continent.
The name change was first announced by the UK’s Foreign Secretary, Rt Hon Liz Truss MP, in November and comes into effect on 4th April 2022.
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