News

CWEIC’s Strategic Partner, British International Investment (BII), the development finance institution of the UK government has published its Annual Review which reports on the achievements in 2023, a year which also marked BII’s 75th anniversary.

BII made £1.3 billion of gross commitments over the course of the year, investing in sustainable economies that support people and protect the planet.

Highlights from 2023 include:

• Investing £449 million of climate finance, covering a real breadth of sectors and technology solutions. This ranges from investing in solar-powered irrigation systems for smallholder farmers, to a battery-swapping business for electric vehicles, to Sierra Leone’s first large-scale independent power producer.
• Establishing a new platform, entirely financed by BII, to offer local currency, flexible financing options to SMEs in Ghana, ensuring the access to finance they need to grow and create jobs.
• Boosting investment in women by committing £297 million to businesses which qualify for the 2X Challenge, a joint initiative to increase financing for women.
• Making the first investments in South-East Asia to help the region transition away from fossil fuels to cleaner, greener energy sources.

The Review makes public the most recent information on impact and financial performance.

Diana Layfield, Chair at British International Investment, said: “In a world facing an ever-growing climate challenge, and where inequality and access to basic water, power and economic development remains a profound human challenge, our role is as important as it has ever been.

“We are pleased to have committed £1.3 billion during a challenging year when levels of foreign direct investment are falling in many of the countries and regions that need it the most. In Africa, FDI amounts to just $40 per person, compared with $651 in North America.”

You can read the full report here and key information includes:

2023 portfolio development impact:

• Supported 997,751 direct jobs across BII’s portfolio
• Generated 59 TWh of power
• Paid $2.42bn of taxes to local governments
• Reached 13m of small holder farmers
• 135 million customers reached by their financial services portfolio
• Top 3 SDGs by financial commitment. SDG 8 ( £894.6m); SDG 7 (£360.2m); SDG 13 (£357.2m)
• Total portfolio valued at £7.3bn invested in 1,580 companies (730 in Asia and 812 in Africa).