British International Investment
The question
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what steps British International Investment is taking to ensure that investments strengthen commercial relationships between the UK and partner countries.
Answered by Stephen Doughty
British International Investment's (BII) investments are building markets in partner countries that are stimulating economic growth. This also develops future UK trade and investment opportunities.
BII invest in sectors where it can have the most developmental impact. These tend to also align with areas of UK commercial strength, including financial services, clean energy, and digital. Examples of this modern approach to development include BII's partnership with Standard Chartered Bank which has enabled $10 billion in trade volumes across Africa and Asia since 2013 and BII's partnership with Vodafone that has brought down the cost of mobile services by up to 70 per cent in Ethiopia, and a new £100 million Mobilisation Facility to de-risk institutional investors such as those in the City of London to accelerate climate-focussed investments in developing countries. We will continue to work with BII to focus and maximise the impact of its work in line with our missions and the wider geopolitical situation.
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