UK expands investment in development finance to boost growth By Reuters


© Reuters. A person wearing a protective mask walks over Westminster Bridge in London, Britain, November 22, 2021. REUTERS/Henry Nichols

LONDON (Reuters) – Britain will expand the size and scope of its Development Finance Corporation to provide billions of pounds of investment in infrastructure and technology in countries across Asia, Africa and the Caribbean, the British government said.

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

“Many countries are becoming heavily indebted with investment threads and we want to offer an honest and reliable alternative that will enable those countries to grow,” Foreign Minister Liz Truss told Reuters before the opening on Thursday at an event at the London Stock Exchange. exchange.

Truss said BIB will have 9 billion pounds ($12 billion) by 2025. Along with the CDC’s current jurisdiction in Africa and South Asia, BII will also invest in low- and middle-income countries in the Indo-Pacific and Caribbean region. .

The government said it will be led by Diana Layfield, head of Europe, Middle East and Africa for Partnerships at Google (NASDAQ :), and will also partner with capital markets and sovereign wealth funds to expand funding.

Founded in 1948, it has investments in more than 1,000 companies in emerging economies, with total net assets of EGP 6.8 billion and portfolio of EGP 5.2 billion.

Truss said the IIB would focus on investing in the transition to clean energy and infrastructure to support that, and she expected the investments to have commercial benefits for Britain over time.

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

“This is all about helping countries get the trade and investment that they need to be able to stand on their own feet. To be able to give opportunities to people in those countries to set up businesses, grow, develop and ultimately become more prosperous.”

(dollar = 0.7503 pounds)

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