- British International Investment (BII) has allocated £725 million to sustainable development in Africa for 2023, marking 61% of its global investments.
- Diana Layfield, chair of BII, emphasised the importance of addressing climate challenges and inequalities through its mission.
- Chris Chijiutomi, Managing Director for Africa, highlighted that the investments will create jobs, improve services, and build resilient economies.
In a challenging year marked by global economic instability and climate crises, British International Investment (BII) has committed £725 million to sustainable development across Africa. This amount represents 61 per cent of BII’s total global investments for 2023.
BII, the UK’s development finance institution and impact investor, focuses on alleviating poverty through strategic investments. The organisation’s latest Annual Review, *Creating Impact Together*, highlights a significant increase in its focus on Africa. The £725 million investment for 2023 surpasses the £692 million allocated in 2022.
Diana Layfield, BII’s chair, emphasised the importance of the organisation’s mission. She stated, “As the world faces severe climate challenges and deep inequalities in essential services like water and power, our role becomes crucial.”
Managing Director and Head of Africa for BII, Chris Chijiutomi, underscored the impact of their investments. “We make a significant difference in the lives of millions in Africa,” he said. “Our 2023 investment performance reflects our commitment to supporting African partners. These investments create jobs, improve services, and build economies resilient to climate change.”
BII targets regions with scarce private capital. By investing in Africa, the organisation addresses urgent needs and fosters sustainable growth. The increase in investment from the previous year highlights BII’s growing focus on the continent.
The Annual Review details how BII uses its funds to support various African sectors. This includes funding for infrastructure, energy, and economic development projects. These investments aim to improve living standards and boost local economies.
Layfield’s comments point to the broader global context of BII’s work. She noted the growing urgency of addressing climate and inequality issues. As these challenges become more pressing, BII’s role in providing financial support to underserved regions becomes increasingly essential.
Chijiutomi also stressed the tangible impact of BII’s investments. He highlighted how these investments create vital jobs and enhance economic resilience. According to Chijiutomi, these investments are critical in developing economies that can withstand climate-related disruptions.
The £725 million investment in Africa showcases BII’s commitment to creating lasting change. The organisation’s efforts aim to build more adaptable and resilient economies. BII addresses some of the most pressing challenges African nations face by focusing on sustainable development.
British International Investment’s £725 million commitment to Africa demonstrates its crucial role in tackling global challenges. The increase in investment highlights a strong focus on sustainable development, aiming to improve lives and build resilient economies in some of the world’s most underserved regions.