The Chief Executive Officer of British International Investment (BII), Nick O’Donohoe, said the corporation will invest in Africa as part of its strategy to respond to the opportunities and challenges facing developing and emerging economies like Nigeria.
To ensure capital is used in the best way possible to meet these challenges and opportunities, three clear strategic objectives were set to focus on investing in productive, sustainable, and inclusive development.
Investing in green infrastructure: Over the next five years, climate finance will account for at least 30% of BII’s total new commitments by value. BII will become one of the world’s largest climate investors in Africa, with a particular emphasis on green, renewable infrastructure.
Investing in digital transformation: BII also intends to assist earlier-stage, disruptive businesses that provide radical solutions to global challenges. This is because technology-based businesses, including those capable of constructing major digital infrastructure, are in desperate need of capital.
Driving inclusion outcomes: As a pioneer in investing for women’s economic empowerment, BII has set a new target of 25% of all investments.
This will be done by increasing the representation of black African-owned and led businesses in the sub-Saharan Africa portfolio.
Advancing UK’s international financing: BII stated that it is playing a key role in the UK Government’s international financing offer by capitalizing on its proximity to the City of London to establish the UK as a global development finance hub. This is accomplished through the mobilization of additional capital in addition to its own, as well as the formation of partnerships with British businesses operating in developing and emerging economies.
About British International Investment: British International Investment (formerly known as CDC- Commonwealth Development Corporation) is the United Kingdom’s Development Finance Institution, founded in 1948. The Department for International Development (DFID) owns 100% of BII as a public limited company on behalf of the UK government. Its mandate is to promote business growth and job creation in Africa and South Asia. It is the world’s oldest Department for International Development (DFID).
