AFRICA: investors BII and ILX to raise $500 million for sustainable development

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AFRICA: BII and ILX investors to raise $500m for the MDGs © Kehinde Temitope Odutayo/Shutterstock

British International Investment (BII) and ILX Management intend to raise $500 million to support sustainable development in Africa, Asia and the Caribbean.

British International Investment (BII) wants to strengthen its impact investments in Africa and the rest of the world. As part of this strategy, the development finance institution (DFI) has entered into a partnership with ILX Management, an investment company based in Amsterdam in the Netherlands.

According to the BII, the memorandum of understanding signed recently with ILX “reflects our joint intention to co-finance debt transactions of up to USD 500 million to facilitate long-term sustainable development in developing economies and low-income countries in Africa, Asia and the Caribbean”. The funding raised will be invested in a number of key sectors, including renewable energy, manufacturing, agribusiness and financial services.

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According to BII, investments in these sectors will increase the flow of capital to high-impact companies and projects. ILX and BII will share information on potential projects, emerging technologies and financial innovation. They will also establish a roadmap for mobilising private sector capital, with a particular focus on improving institutional investors’ access to private debt investment opportunities in companies that promote “productive, sustainable and inclusive growth”.

This partnership comes just a few months after a commitment of 245 million dollars made by the BII and the Shell Foundation. This funding will support the development of renewable energy in Africa and South Asia. The partnership, signed in April 2023, also aims to remove financial barriers to the development of start-ups and mid-stage companies in a number of sectors, including electric mobility and agri-technology.

Jean Marie Takouleu

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