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(Ecofin Agency) – The investments will benefit several sectors including renewable energies and infrastructure. They will also support women-owned businesses and climate adaptation projects.
The UK development finance institution British International Investment (BII) plans to invest US$6 billion in Africa, over the coming five years, Bloomberg revealed Wednesday, July 27.
The investments include a US$76 million contribution to African Infrastructure Investment Fund 4 (AIIF4) -an Africa-focused investment fund managed by private equity firm African Infrastructure Investment Managers (AIIM)- the source added. They will benefit several sectors, including renewable energy and infrastructure. They will also support women-owned businesses and climate adaptation projects.
“Investment priorities will be driven by the size of the economy, and the development needs in that economy,” BII CEO Nick O’Donohoe (photo) told Bloomberg.
He added that the investments would notably focus on five countries, namely Ethiopia, Kenya, Nigeria, Egypt, and South Africa (which is trying to attract climate financing).
In a release issued on Thursday, July 21, the BII announced a US$720 million loan to finance a solar battery energy storage project in South Africa. The loan was provided in partnership with the South African banking group Standard Bank.
Formerly known as CDC Group, British International Investment has already made major investments in several African companies, including Liquid Telecom, the continent’s largest fiber optics company, and Globeleq, an independent power producer.
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