NAIROBI, Kenya May 14- British International Investment has re-established its presence in Kenya, reaffirming its commitment to channel greater funding to help drive innovation and tackle the biggest global development challenges.
This was announced during a reception to launch the rebranded UK government’s Development Finance Institution (DFI ) at the British High Commissioner’s residence in Nairobi.
In his address, British International Investment (“BII”) CEO Nick O’Donohoe, remarked on BII’s long history in Kenya, which dates to 1948.
“Our history in Kenya shows our appetite to grow and shape markets. We helped establish the Kenya Tea Development Authority in 1964, and we’ve continued to support the company’s growth to become the world’s third-largest exporter of tea and Kenya’s second-largest source of foreign exchange,” said Nick.
Kenya is one of the DFI’s most important markets.
In the country, British International Investment, which was formerly known as CDC Group, will continue to build on its 74- year track record of investing to support private-sector growth and leverage its partnerships and deep-rooted knowledge of markets across the African continent to transform lives.
Under a new name and a new five-year strategy, BII will pursue investment opportunities in Kenya that will raise productivity, help increase climate resilience and support a circular economy, and ensure inclusive opportunities for all.
“We will deploy 30 per cent of our investments toward climate finance and support the growth of renewable energy generation as we have been doing in Malindi and through Greenlight Planet.”
“Going beyond this, BII will also back new technologies like battery storage and green hydrogen, invest in the burgeoning digital economy, and support ambitious entrepreneurs who are creating solutions that can transform societies.”, O’Donohoe commented.
British High Commissioner to Kenya, Jane Marriott, said: “The relaunch of the organisation as British International Investment signifies a number of things – but in particular I believe it signifies a desire to deepen the already close relationship with the rest of the UK Government’s activity in Kenya, to make the UK offer in Kenya as coherent and integrated as possible, and ensure that we are more than the sum of our parts.”
BII has a portfolio of nearly GBP 500 million in Kenya, supporting 30 regional funds and more than 80 businesses, which in turn support over 36,000 jobs.
The DFI’s investments in Kenya, both direct and through various funds and intermediaries, cover a variety of sectors, from clean infrastructure and energy, to digital infrastructure, food and agriculture, financial services, and logistics.
