British International Investment Plc, the development finance arm of the UK government, plans to invest $6 billion over the next five years in Africa.
The spending, part of an overall $10 billion programme, includes a $76 million contribution to a planned $500 million African infrastructure fund by Old Mutual Ltd.
“Investment priorities will be driven by the size of the economy and the development needs of that economy,” said BII CEO Nick O’Donohoe.
BII, formerly known as CDC Group, is restricted to investing in the private sector and while it focuses on “power” markets in Ethiopia, Kenya, Nigeria and Egypt, some money will go to South Africa because of its effort to leverage climate change.
Last week, the institution agreed to provide Oslo-based energy producer Scatec ASA with about $57 million in debt and equity financing for a solar energy storage project in South Africa.
“We have been a significant investor in energy in Africa, originally in fossil fuel energy and in the last three or four years almost exclusively in renewable energy,” O’Donohoe said.
08/03/2022
