Foreign office launches ‘transparent’ development fund to counter China

Foreign Secretary Liz Truss today launched Britain’s economic development agency that will invest billions in infrastructure and technology in low- and middle-income countries in Asia, Africa and the Caribbean.

The government says the new British International Investment (BII) will be an important part of its multi-stakeholder plan to raise £ 8bn a year for public and private sector projects by 2025 projects. on their own to raise money and help businesses get in the way.

The Foreign Secretary has agreed that the BII will prioritize capital expenditures to provide clean, honest and reliable funding and prevent low- and middle-income countries from being left with bad and unsecured loans. It is based on the Prime Minister’s commitment to COP26 to help developing countries access access to sanitation technology and grow their economies more efficiently, while BII provides billions of dollars in climate financing for projects such as solar power, sustainable transportation and disaster relief in the next five years. .

It is part of the UK’s liberal movement aimed at promoting globalization, security and development around the world and bringing more countries into the free economy while providing employment and growth to the UK and developing countries.

The Foreign Secretary will launch the BII – formerly known as the CDC – on the London Stock Exchange this morning, where it will open the market ahead of a group meeting with large business and investment companies.

The BII will work under a new chair – Diana Layfield – and a new approach that will work with UK Export Finance (UKEF) and DIT, to bring the UK expertise. The government says the new system will work for the UK’s strengths as a leading global economy, including integration with major markets and Sovereign Wealth funds.

It also wants “Pivot in Asia” to enter new markets in the Indo-Pacific, alongside the Caribbean.

The project is also gearing up to create markets for the production of electronics, technology and renewable energy – as well as exploring opportunities such as small nuclear reactors such as those being developed in Derbyshire. BII says its work will benefit the UK by creating opportunities in areas such as project management, construction and clean energy.

The fund will operate under key principles that include personal rights, security of property rights, and free markets, which he says will be high quality, transparent and reliable.

Ms Truss has previously strongly criticized the “economic pressure” of many of Beijing’s trading systems throughout its Belt and Road Initiative, and this new development wing could counter China’s conflicting activities.

BII will also contribute to the UK Clean Green Initiative, which Britain has contributed to the G7 Build Back Better World initiative to facilitate development funding. It will facilitate our work to connect with partners and partners in real, clean and reliable construction in low- and middle-income countries. The establishment is part of new tools and technologies that will help countries develop a financial management system and increase operating costs. Further details will be provided in due course.

Secretary of State for Foreign Affairs, Commonwealth and Development, Liz Truss, said: “When democratically funded democracies invest in construction and provide professional expertise, it makes countries more open, rich and secure.

“Many countries are raising their bills with unsecured loans. Reliable and honest sources of funding are needed. Britain and our allies will provide this, with the British International Investment delivery vehicle.

“This is a victory for all. It benefits Britain in creating jobs and opportunities for our people. And it contributes to economic growth in Asia, Africa and the Caribbean as it brings them closer to free market democracy and the realization of global rights.”

The chairperson of the International Development Committee, which oversees UK funding for Parliament, Sarah Champion MP, said: “This is more than a change in name and we will look into this. Initially, the word” development “was removed from the title. a sign of anxiety.

“But beyond that, I see the Office of Foreign Affairs for British International Investment (BII) as’ part of the UK’s independence. […] bringing jobs and growth to the UK and developing countries’.

“My committee supports fundraising in the UK. But the priority of the development finance agency must be poverty alleviation in low-income countries – that is what development finance agencies do. I would like to see a clear commitment by BII to fight poverty. The poorest and most vulnerable should not be left behind.

“In a recent report on the climate change of the International Development Committee, of which I am chaired, we criticized the former CDC for investing in the oil sector – a clear contradiction of the government’s commitment to climate change. .

“The Foreign Secretary said BII will sell billions on infrastructure. But this is only part of what the developing world needs – where is the commitment to education, nutrition and appropriate health care? Working hard in these areas is more important than the transformation process names ”.

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