UK govt development finance arm to invest R1bn in Old Mutual infrastructure fund | Fin24

Loni Prinsloo and Antony SguazzinBritish International Investment, the UK government’s development-finance arm, plans to invest $6 billion over the next five years in Africa in areas ranging from renewable power and digital infrastructure to supporting women-owned businesses.

“Investment priorities will be driven by the size of the economy, and the development needs in that economy,” BII Chief Executive Officer Nick O’Donohoe said in an interview. BII, formerly known as CDC Group, is restricted to investing in the private sector and while it will focus on the “powerhouse” markets of Ethiopia, Kenya, Nigeria and Egypt, some money will go to South Africa because of its drive to attract climate finance, he said.

The investment firm, which is fully-owned by the UK government, has made significant equity investments in African companies such as Liquid Telecom, the continent’s biggest fiber company, and Globeleq, a power producer. Bloomberg this week that BII has hired Rothschild & Co. to review how to grow the latter business. Options include bringing on a third investment partner.

But not for SA! Don’t get excited

All thanks to Russia I suppose 🤔

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