On Tuesday evening, the UK’s Minister for Africa, Vicky Ford, joined our CEO Nick O’Donohoe in Lusaka to celebrate the launch of our new name, British International Investment. The event, which was attended by Ministers and business leaders, marked the first official launch of the BII brand in Africa. This demonstrates the UK’s commitment to work with the Government of Zambia on productive, sustainable and inclusive growth.
Under our new name, BII (formerly CDC Group), we will build on our 74-year history across the continent and track record of investing to support private-sector growth and accelerate impact across the continent.
We will scale our commitment to Africa and set new ambitions to usher in a new wave of investment in clean and green infrastructure and digital transformation. BII will continue to make investments that bolster financial institutions and businesses, create jobs, and boost trade in Zambia.
Our investment supports over 6,000 jobs across 20 companies within a range of sectors, and our recent allocation of a $20 million trade finance facility to five banks in Zambia, provides fresh capital that helps keep trade flowing through the economy.
Minister for Africa Vicky Ford, MP said:
“Launching the new British International Investment (BII) here in Zambia is a key moment for the UK financing of private sector growth and infrastructure across Africa. We are committed to supporting countries grow their own economies, bolster private sector investment and trade, and deliver the returns that will support wider socio-economic development.”
Nick O’Donohoe, CEO of British Investment International, said:
“I am pleased to be here with Minister Ford in Zambia, a country with whom BII has such a strong shared history. From our first investment in Zambia over 70 years ago, we have targeted a broad range of sectors where we saw opportunities to respond to the country’s growth needs and help mobilise greater investments to transform the economy. As we step into our new strategy under a new name, as a British institution at the heart of the UK Government’s international financing offering, we remain committed to scaling investment that will address the most pressing development needs across Africa. In Zambia, we will direct our capital toward supporting industries that will ensure Zambia’s green development pathway and help build economic prosperity for future generations.”
Moreover, our strategy to scale climate finance in Africa, will help deliver on the Green Growth Compact (“Compact”), a framework signed by the UK and the Government of Zambia outlining their joint objective to build a stronger, more diversified and inclusive Zambian economy.
As part of broader UK-Zambia partnership, during the launch event, Minister Ford announced that Moxico Resources, a UK-based mining company, is investing $100m in expansion of its copper mine at Mimbula. This will lead to the creation of new jobs and increased tax revenues for the Government of Zambia and be a model for the form of sustainable mining sector investment that the UK wants to support in the country.
The Minister also announced that £4m of UK aid funding is being invested through InfraCoAfrica into projects in Zambia that will help boost electricity access for families and businesses.
Yesterday, the Minister visited a school in Chongwe District where she will learn more about the application of the Zambian Government’s new free education policy whilst discussing how UK aid funding for girls education is supporting Zambia’s education system and further accelerate the Government’s ambition of removing barriers to education.
Media Contacts:
British International Investment:
Toyosi Adebayo | press@bii.co.uk
