The proposed initiative aims to expand access to trade and working capital facilities for businesses operating across Africa.

Access to trade finance remains one of the most significant structural constraints on African trade. Businesses – particularly small and medium-sized enterprises – are frequently unable to secure letters of credit, guarantees, and supply chain finance on commercially viable terms, limiting their capacity to export and import competitively.

This trade finance gap is estimated by the African Development Bank to be over USD 80 billion annually.

To help close this gap, UBA UK, the London subsidiary of UBA Group, Africa’s Global Bank, will leverage its deep relationships across the Group’s 20-country African network to originate and structure trade finance transactions.

While BII, with a mandate to support productive, sustainable, and inclusive growth across Africa, can support transactions that might otherwise fall outside conventional commercial appetite.

“The signing of this letter with BII represents a landmark moment for UBA UK and for the UBA Group’s global ambitions. As the Group’s hub for Trade Operations, UBA UK is uniquely positioned to connect African businesses with the international financial system. Working alongside BII, we can extend that capability further, mobilising capital where it matters most and helping to close the trade finance gap that holds back so much African potential,” says Lok Mishra, chief executive officer, UBA UK

“British International Investment is committed to catalysing private sector growth across Africa, and trade finance is a critical enabler of that growth. We welcome the opportunity to collaborate with UBA Group, whose pan-African network and deep institutional relationships can help advance our ambition to expand access to trade and working‑capital finance, particularly in frontier markets,” says Chris Chijiuitomi, managing director and Head of Africa at BII.

The announcement builds on growing momentum around intra-African trade facilitated by the African Continental Free Trade Area (AfCFTA), which entered into force in 2021 and represents one of the world’s most significant trade integration initiatives.

Both institutions have identified the operationalisation of AfCFTA as a priority catalyst for a trade finance facility, with UBA UK’s network across major AfCFTA economies offering a basis for supporting businesses navigating the emerging continental market.

This also complements the UK Government’s broader engagement with African economic development, including commitments made at the UK-Africa Investment Summit, and reinforces the City of London’s role as a leading international finance centre for Africa-focused capital mobilisation.

Future cooperation remains subject to further assessment, due diligence and the completion of internal approvals by both parties.

This was revealed in a new report by the African Private Capital Association (AVCA), developed in partnership with the Chamber of Corporate Trustees of Ghana and British International Investment (BII) under the Ghana Investment Support Programme (GHISP).

The report discloses a steep increase in pension funds’ appetite for alternative investments. More than half of Ghanaian pension providers now hold exposure to private capital, and 65% say they intend to raise allocations to private equity within the next five years.

By the end of 2024, total pension assets under management in Ghana reached GHS 86.4 billion ($6.2 billion), yet only 4.4% of the 25% limit set by regulators is being channelled into alternatives such as private equity and venture capital. 

This figure lags far behind Nigeria’s 34% utilisation of a 5% cap and South Africa’s 8% allocation under its 15% ceiling.

Despite this underutilisation, the report says that Ghana’s pension funds are gradually shifting from conservative savings strategies to more productive, growth-oriented investments. 

Many are targeting healthcare (55%), agribusiness (45%), and technology (40%), while by asset class, 38% favour property and infrastructure, 24% prefer private equity, and 19% are exploring venture capital.

However, AVCA’s findings also expose major obstacles preventing deeper engagement with private markets. Pension providers identified currency volatility, complex fund licensing processes, limited investable pipelines, and weak institutional capacity as key challenges. 

Nearly nine in ten pension funds (89%) interacted with fewer than three fund managers in the past year, underlining the limited depth of Ghana’s investment ecosystem.

The government’s May 2025 directive, which encourages pension funds and insurers to allocate at least 5% of assets to private equity and venture capital by 2026, has provided much-needed policy backing. This move is expected to mobilise domestic capital and drive growth across productive sectors.

To speed up progress, AVCA’s report outlines four key strategies:

• Enhancing data transparency and engagement between funds and managers
• Building institutional capacity through targeted training and pooled investment structures
• Deploying blended finance and co-investment tools to mitigate risk
• Advancing regulatory reforms to recognise Limited Partnerships and streamline fund licensing.

Commenting on the report, Abi Mustapha-Maduakor, chief executive officer of AVCA, stated:

“Ghana’s pension funds are at an inflexion point. The data highlights both the scale of investable domestic capital and the practical barriers that continue to hold it back. Unlocking this potential will require a combination of regulatory clarity, institutional capacity-building, and deeper collaboration between fund managers and local investors. 

“This mirrors a broader shift across Africa, where governments are enacting policies to channel domestic savings into productive investments at home and across borders. With these foundations in place, Ghana’s pension system can become a catalyst for long-term, sustainable growth.”

AVCA projects that Ghana could become a leader in pension-led private capital mobilisation in West Africa within five years if this momentum is sustained. The report forms part of AVCA’s Knowledge Exchange Initiative (KEI), a year-long capacity-building initiative launched in partnership with BII to enhance local institutional participation in private markets.

If Ghana’s pension reforms and fund managers align effectively, the country could bring in billions of local investment, turning its pension base into a new engine for national development.

The investment is done alongside the European Bank for Development and Reconstruction, EBRD and British International Investment, BII, securing a major contribution to safeguarding jobs and building resilience in the Ukrainian food- and agri-sectors during the ongoing war.

MHP employs more than 30,000 people in Ukraine, more than 40 percent of them being women. Because of the war, access to international capital markets is limited in Ukraine, even for financially sound companies.

By supporting MHP, an important part of Ukraine’s food industry, and its continued operations, Swedfund, EBRD and BII contribute to Ukraine’s economic resilience and safeguarding much needed local employment- as well as export opportunities.

“The consequences of the war in Ukraine are multi-facetted and by this investment we can maintain employment opportunities, not least for women and veterans, create new jobs, generate tax incomes and export revenues, support local value creation and more sustainable business practices.

This is important to support Ukraine’s economic resilience, says Maria Håkansson, CEO of Swedfund.

The investment is part of a EUR 100 million financing package arranged by EBRD, that has a longstanding relation with MHP. The package includes EUR 40 million from the EBRD, EUR 20 million from Swedfund and EUR 30 million from BII. Swedfund’s share of the loan will be used for production efficiency investments such as equipment for sunflower processing and upgrades of agricultural machinery.

In its capital injection to Swedfund for 2025 the Swedish Government earmarked SEK 500 million for investments in Ukraine. Food systems is one of Swedfund’s prioritised sectors to invest in.

“The investment in MHP is a strategic fit that ticks several boxes for Swedfund. Most importantly it can make an important difference during difficult times. We look forward to under the leadership of EBRD advance the company’s sustainability agenda. We will continue looking for both investment opportunities and public sector projects to support the economic development and reconstruction of Ukraine, says Olena Smyrnova, director and head of Ukraine, Swedfund.

The sum was nearly 40 per cent more than its 2023 total of £725 million, despite the difficult investment environment caused by macroeconomic headwinds.

BII’s total net assets increased to £9.9 billion (£8.5 billion in 2023) while post-tax profits improved to £213.3m compared with a £44 million loss in 2023.

In total, BII invested $903 million (£708 million) in climate finance in 2024 – 41 per cent of its overall commitments for the year.

This compares with just $104 million (£80 million) in 2020. The company’s climate finance assets now make up over 26 per cent of its entire portfolio, up from just over 15 per cent in 2020. Over the last three years, BII has invested over $2 billion in climate finance.

Based on all direct renewable energy investments in BII’s 2023 portfolio, 1.5 million tons of CO2e emissions were avoided on an attributed basis, a 54 per cent year-on-year increase.

This was driven by a growing renewable asset base in the portfolio and increases in the amount of renewable power produced.

BII also made £499 million of gender finance commitments in 2024 and £880m of commitments to the poorer and most fragile countries across the regions where it invests.

Chris Chijiutomi, managing director and Head of Africa at BII, added:

“BII is a trusted and long-term partner to African nations and the continent’s world class community of entrepreneurs and business leaders. Our 2024 investment performance demonstrates our unwavering commitment to supporting African companies at a time when investment to create quality jobs, reduce aid dependency and meet the challenge of the climate emergency has never been more vital.”

Introducing the 2024 Annual Review, Diana Layfield, chair of BII, said:

“In a constrained financial environment, BII’s ability to put capital to work repeatedly to secure development impact, while also delivering a financial return for the UK taxpayer, is particularly valuable. In an increasingly unpredictable geopolitical environment, our investments – which support emerging economies to grow, create jobs, and develop sustainable infrastructure to mitigate climate change and its impacts – are critically important.”

The visit underscores the value of strong partnerships in driving growth and innovation across continents, with Moniepoint’s emergence as a global fintech leader, showcasing how bilateral cooperation fuels economic progress..

During the meeting, discussions revolved around strengthening trade and investment ties between Nigeria and the UK. Mr. Baxter highlighted the importance of trade as a cornerstone of diplomatic and economic relations between the two nations, emphasizing its role in fostering prosperity, innovation, and cooperation across sectors such as energy, financial services, and infrastructure.

The envoy highlighted the British International Investment (BII)’s investment in  Moniepoint Inc as a critical point in increasing economic opportunities for small businesses in Africa, as well as enhancing financial inclusion for consumers and providing direct financing to impactful companies.

Tosin Eniolorunda, founder and Group CEO of Moniepoint, lauded the British government and DBT for creating an enabling environment for Nigerian businesses operating in the UK.

He noted that Moniepoint’s presence in the UK contributes to actualizing this bilateral relationship by ensuring it is not a one-sided transfer of investments but a mutually beneficial partnership.

“Trade and investment are pillars of UK-Nigeria relations. We’re proud to be part of a movement that’s turning those pillars into bridges for real economic transformation. Our mission has always been to engineer financial happiness while powering the dreams of millions businesses and individuals through digital financial technology. Every step we take—whether in Nigeria or the UK—is about making that vision a reality. Our growth is a testament to what’s possible when partnerships go beyond investment—it’s about shared prosperity and innovation,” Eniolorunda said.

Eniolorunda also acknowledged the Enhanced Trade and Investment Partnership (ETIP) between Nigeria and the UK as a critical framework for unlocking market access, regulatory cooperation, and job creation in emerging sectors.

He highlighted opportunities for collaboration in areas such as innovative financial services and cybersecurity products.

Moniepoint operates as an all-in-one financial ecosystem, offering seamless payments, banking, credit, business management and cross border solutions to over 10 million businesses and individuals across Nigeria and Africa.

It has established itself as the leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), especially those in the informal segment of the economy.

Moniepoint’s mission to drive financial inclusion and empower businesses has been widely acknowledged and signposted by its listing for two consecutive years as Africa’s fastest growing financial institution.

As Nigeria’s largest merchant acquirer, the company powers most of the country’s Point of Sale (POS) transactions, processing over 1 billion transactions monthly, with total payments volume exceeding $22 billion.

During the visit, Moniepoint discussed plans for new solutions to help Nigerians in the UK easily send money home.

These solutions will leverage Moniepoint’s reputation for trust, speed, and transparency to solve payment issues.

Eniolorunda noted this is part of a larger effort to improve economic and trade relations between Nigeria and the UK..

Moniepoint executives at the event include Felix Ike, co-founder and Chief Technology Officer, Moniepoint Inc; Moniepoint Inc; Ross Strike, Senior Vice President, M&A & Investor Relations; and Ravi Jakhodia, CEO, Moniepoint UK.

The British delegation which had in attendance Hugh de Lusignan, Head of Financial Services at the Department for Business and Trade (DBT) recognized Moniepoint as a testament to Nigeria’s growing prominence in global fintech while reiterating the UK’s commitment to furthering economic collaboration with Nigeria, particularly as both nations explore new opportunities for innovation and growth.

Johnvents Group (Johnvents), an agribusiness and manufacturing conglomerate, recognised as a leading player in Nigeria’s cocoa processing and export sector, has announced a landmark partnership with British International Investment (BII), the UK’s development finance institution (DFI) and impact investor.

This collaboration will support one of Johnvents Group’s subsidiaries, Premium Cocoa Products, Ile-Oluji to increase production to its installed capacity of 30,000 metric tonnes per year.

This strategic collaboration comes at a pivotal time when Nigeria’s agricultural sector is poised to play a more prominent role in the global supply chain for sustainably sourced products.

The $40.5 million investment from BII will enable Johnvents Group to optimise production efficiencies as well as strengthen its sustainability and traceability programme.

This will advance the company’s ambitious goal to achieve 100 per cent traceable cocoa, with at least 90 per cent certified, by 2027.

Underlining the UK’s commitment to work with Nigeria to strengthen its agricultural sector and drive inclusive growth, Jonny Baxter, British deputy high commissioner in Lagos, said:

“The UK is proud to back first-class sustainable investment that is creating jobs and mutually beneficial partnerships across Nigeria. Through this landmark agreement between the UK’s development finance institution, British International Investment, and Johnvents Group, we look forward to further growth of Nigeria’s cocoa industry and increased export markets.”

Benson Adenuga, coverage director and head of Nigeria Office at BII, said:

“We are delighted to partner with Johnvents Group to address critical barriers to the growth of Nigeria’s cocoa industry. Not only will this benefit local farmers, but also improve Nigeria’s trade balance and global competitiveness through increased exports. The investment underlines BII’s commitment to back ambitious Black-owned and led domestic champions that provide innovative solutions to key bottlenecks in strategic sectors.”

As the world’s fourth-largest cocoa producer, Nigeria holds immense potential, yet the country’s export capacity remains underutilised.

This investment will enable Johnvents Group to scale up its cocoa processing capabilities, meet growing global demand, and position Nigeria as a competitive player in the international cocoa market.

John Alamu, group managing director of Johnvents Group, emphasised the importance of this milestone, stating:

“At Johnvents Group, we are dedicated to building a sustainable and globally competitive agribusiness industry in Nigeria. The investment into the Premium Cocoa Products Ile-Oluji facility – one of our cocoa processing subsidiaries, coupled with our partnership with BII, represents a significant step forward in achieving this goal. This investment will not only boost our processing capabilities but also empower thousands of farmers and contribute to the overall economic development of Nigeria.”

BII’s partnership with Johnvents reinforces the DFI’s commitment to increase investment in Black-owned and led business in Africa, who often face challenges in accessing capital compared to other ethnicities in the region.

Last year, the UK Prime Minister announced BII would manage a new £100 million Mobilisation Facility to boost the flow of private capital into emerging economies that are considered too risky by global investors.

Today, BII announced that up to £50 million of the facility has been ring-fenced for a groundbreaking new initiative.

BII is partnering with Mercer, a global investment firm, to encourage the asset manager community to develop investment solutions, which will help to unlock private investment into climate related projects in emerging economies. It will also seek to address the gap between the risk appetite and return thresholds of institutional investors.

Emerging economies are expected to play a crucial role in global economic growth. They currently represent over 60 per cent of the world’s GDP and are projected to account for 74 per cent of global energy consumption by 2050.

This creates investment opportunities in sectors like clean energy and infrastructure, offering potential for growth, diversification and impact.

Minister for Development Anneliese Dodds welcomed the initiative:

“Countries exposed to the climate crisis are facing extreme weather events which destabilise economies, hinder growth and displace people. Those countries need urgent access to finance to tackle and adapt to this crisis.

“At the same time UK financial institutions are ideally placed to provide global leadership in climate finance and tap into these emerging markets, generating growth at home and providing much needed finance abroad.

“By bringing together private and public expertise and capital, the UK is leading the world in mobilising the finance countries need to tackle the impacts of the climate crisis.”

Asset Managers in the UK and globally, with a demonstratable track record in climate finance and interest in emerging economies, are invited to submit proposals to partner with BII.

Proposals with a strong potential for accelerating private investment and which demonstrate large-scale climate impact will be granted access to concessional capital of up to £50 million from the facility. They will also have the opportunity to access non-concessional investment funding from BII.

Leslie Maasdorp, BII CEO said:

“BII is the UK’s primary vehicle for delivering climate finance into our markets. But the scale of the climate emergency means we have to unlock the vast pools of capital that are held by private institutions. The partnership we have unveiled today is a truly innovative way of doing that.”

Benoit Hudon, Mercer’s UK President and CEO said: 

“This initiative has the potential to encourage investment into new projects in emerging economies to support their economic development. Mercer will play a key role in identifying innovative asset manager proposals that support the energy transition and address some of the hesitancy institutional investors have about investing in emerging economies.” 

More on Mobilisation Facility initiative, visit BII or Mercer websites. 

GuarantCo and BII will provide $100 million ($50 million each) of default guarantee finance for Etana in South Africa’s largest “energy wheeling framework” transaction.

This innovative type of deal is designed to unlock new renewable energy capacity by providing independent power producers (IPPs) with the revenue certainty they need to break ground on new renewable energy projects.

It is expected that the US$100 million in guarantee financing will unlock an estimated US$500 million of new renewable energy projects – providing a major boost to South Africa’s green energy transition – and underlining the UK’s support for the country’s Just Energy Transition Partnership (JETP).

Displacing fossil fuel generation with electricity generated from renewable sources will avoid 1.2 million tonnes of CO2-equivalent emissions annually and create a significant number of new jobs.

This transaction qualifies under the IPG (International Partner Group countries) as part of their JETP commitment to South Africa. JETP is funded by several governments, including the UK, and serves to accelerate South Africa’s environmental transition in the energy sector. This is GuarantCo’s first contribution to this programme.

The guarantee facility will enable around 500MW to be added to the grid by several renewable energy (wind and solar) IPPs over the next few years.

Recent regulatory changes in South Africa have opened up the opportunity for private power producers to sell electricity to business customers , and companies like Etana are looking to accelerate this opportunity, expanding the addressable market by buying renewable energy from private generators and then selling that output to a portfolio of commercial customers by “wheeling” the electricity across the existing transmission network.

Etana’s founding shareholders are H1 Holdings, a black-owned investment company with which BII has a longstanding relationship, and Chariot Limited, a British group which is focused on developing transitional energy projects in Africa, listed on the London Stock Exchange (AIM: CHAR).

Iain Macaulay, Director and Head of Project Finance, Africa for BII, said: “BII is demonstrating global leadership in unlocking private capital for climate finance. The Etana deal is a truly innovative form of financing that I hope will serve as a template for unlocking South Africa’s green energy potential.”

Evan Rice, CEO at Etana Energy, said: “We need to pursue all avenues that can unlock the capital required to build new electricity generation capacity in South Africa. Local businesses need low carbon, cost-competitive electricity to remain relevant and viable. Etana’s aggregation model offers a way to meet these needs whilst enabling new renewable energy capacity to be built.

This guarantees facility is a critical piece of the puzzle for a relatively new company like Etana to be a bankable offtaker for IPPs. We are incredibly grateful to GuarantCo and BII for their vision, support and commitment to catalysing this opportunity with us.’’

Surabhi Mathur Visser, Deputy CEO at GuarantCo, said: “We are proud to support the renewables sector in South Africa by entering into this guarantee framework agreement with Etana Energy. From an investment point of view, it provides strong replication opportunities by proving to the market that a guarantee framework can work at scale. GuarantCo continues to seek out potential market transformation transactions like this in lower-income communities to deliver against the UN’s Sustainable Development Goals in alignment with the PIDG 2030 strategy.”

BII is the UK’s Development Finance Institution (DFI) and impact investor, focused on providing patient capital to foster productive, sustainable, and inclusive economies.

Absa, as the borrower in this transaction, will utilise the funds to support this objective, with a specific focus on the African continent.

“Our unyielding commitment to the success of the continent continues to drive us to find solutions to serve our customers by addressing Africa’s trade finance gap, focusing on sustainable funding,” said Mosa Tshabalala, head of FI Trade Sales (International), Risk Distribution, and Syndication at Absa CIB. “Our role as a Pan-African bank is to channel the funds to reach our client base across our chosen markets. We continue to forge partnerships with DFIs, insurance companies, other commercial banks (locally, regionally, and globally), ECAs, and institutional investors to drive market access and provide the funding necessary to support our customers’ growth ambitions.”

Africa’s trade finance gap is estimated to be between $100 billion and $120 billion. By partnering with BII, Absa is making strides in advancing the efforts of the African Continental Free Trade Area (AfCFTA) agreement, which aims, among other objectives, to reduce the continent’s trade finance gap.

In addition, this transaction enables Absa to extend liquidity to clients across various geographies and trade product sets that are in high demand.

These funds are ringfenced for financing trade transactions, with a focus on sustainable funding. This includes, but is not limited to, supporting small and midsize enterprises (SMEs) founded by youth and women engaged in intra-African and global trade.

This aligns with Absa’s goal of concluding R100 billion in sustainability-related transactions by 2025.

“Our extensive presence across the continent, combined with our global reach, enables us to facilitate the flow of capital and trade finance that African businesses need to scale and compete internationally. By leveraging our cross-border expertise and strategic partnerships, we are driving sustainable growth and creating new opportunities in emerging markets, contributing to the broader development of Africa’s economic ecosystem,” said Charles Russon, interim group chief executive officer at Absa.

Absa’s long-standing partnership with BII reflects the depth of their relationship and shared vision for driving growth in emerging markets.

Since 2019, the partnership has provided much-needed trade liquidity in countries such as Ghana, Nigeria, Kenya, Uganda, Tanzania, and Mozambique – supporting over $1 billion in trade volumes, including over the course of the COVID-19 pandemic, which severely strained trade liquidity in Africa.

Anneliese Dodds, the UK’s Development Minister, said,

“I am happy to see BII support Absa through this important facility, which is part of a long-standing partnership to help fill Africa’s estimated $100bn to $120bn trade financing gap. Today’s signing demonstrates BII and Absa’s continued commitment to addressing that pressing challenge together, focusing on sustainable and inclusive economic growth.”

Admir Imami, director, Head of Trade & Supply Chain Finance, BII added

“We are delighted to continue our partnership with Absa which is based on a shared ambition to progress inclusive and economic development, particularly for underserved groups including SMEs and women. The facility combines BII’s long history of support in Africa with Absa’s cross-border expertise, which will help to make trade finance more accessible to African businesses and improve the vital flow of essential goods including food.”

• Increase in African investments represent 61 per of BII’s total commitments for the year
• £449 million of new climate finance investments in Africa and Asia – taking total over last two years to over £1 billion

British International Investment, the UK’s development finance institution and impact investor, announced today that it had increased its commitment to African partners with £725 million of new sustainable development investments, from a global total for the year of £1.31 billion.

BII has a mission to help countries escape poverty by providing impact investments to support the development of thriving private sectors. It invests in the people and places most in need of capital that typically receive the least from private investors.

The scope of BII’s activity last year was published today in its Annual Review, entitled Creating Impact Together.

Of the total, £724.9 million went to support African businesses, compared with £692 million or 55 per cent of total investments in 2022.  BII’s capital now supports – directly and indirectly – 1,580 companies that directly employ nearly a million people in 65 countries.

BII’s Africa portfolio size is now $5.6 billion across 812 businesses, which directly provide 499,232 jobs and pay $1.46 bn in taxes.

Climate change continues to be one of the biggest threats to global development, with people living in some of the world’s poorest countries among the most vulnerable to its impact.

Out of BII’s total commitments in 2023, £449 million (37 per cent) was classified as climate finance – taking the total over the last two years to over £1 billion. BII’s climate finance target over the course of its current five year strategy period is 30 percent.

BII has backed a wide range of companies that are vital to economic development and improving peoples’ lives. Its investments have covered sectors such as food and agriculture, financial services, as well as green and digital infrastructure. New investments have included:

• AFEX: BII invested £21.8 million in AFEX, a leading commodities platform that currently operates over 200 warehouses in Nigeria, Kenya and Uganda and serves over 450,000 farmers. The investment will help build 20 modern warehouses to enable up to 200,000 more farmers to access low-cost storage and maximise sales from crop harvests.
• Planet Solar: BII invested £8.5 million in Planet Solar to provide clean, affordable solar power in Sierra Leone, where only 23 per cent of people have access to electricity. It will be Sierra Leone’s first large-scale solar project to be connected to the grid. It will enable more power to flow to industries and communities in the capital city Freetown, the Western region, and four other areas throughout the country.

BII’s total net assets increased to £8.5 billion (£8.1 billion in 2022) while the portfolio grew to £7.3 billion (£6.9 billion in 2022). The main reason for this portfolio growth in 2023 was a higher pace of drawdowns compared with realisations and foreign currency valuation gains.

BII’s overall financial result was a loss after tax of £44.0 million (£167.7 million profit in 2022), a loss of 0.5 per cent on net assets over the year (2.2 per cent gain in 2022).

The portfolio generated a £71.5 million return (£285.6 million return in 2022), a portfolio gain of 1.1 per cent (4.8 percent gain in 2022).

BII seeks returns of 2 percent across its portfolio, measured on a rolling seven-year basis. This measure is consistent with its mandate to invest to support the economic stability that will improve the lives of millions of people. The company remains ahead of this financial return hurdle with a seven-year weighted average annual portfolio return of 5.2 per cent.

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.”

Chris Chijiutomi, Managing Director and Head of Africa for BII, said:

“We continue to make a real difference to the lives of millions of people living in Africa on behalf of the British tax payer. Our 2023 investment performance underlines our dedication to supporting our partners across the continent as they play a key role in creating vital jobs and services and building economies that are more adaptable and resilient to the impacts of the climate emergency.”

Find out more about BII Annual Review 2023: Creating Impact Together here