CDC is the world’s first development finance institution, having over 70 years of expertise assisting firms in Africa and Asia with long-term growth. They have now officially changed their name to British International Investment.
The Foreign Secretary, Rt Hon Liz Truss, originally announced the name change in November, and then it took effect today, April 4, 2022.
British International Investment CEO, Nick O’Donohoe added “This marks a significant and exciting move for our institution. It is the first time in over 70 years we will have made such a change. British International Investment is a clear identity, which captures who we are and what we do. It communicates the increased breadth of what we do as an organization.
It also clearly defines us as a British institution that is working to bring not just capital but high standards and transparency to our investments. And it highlights our critical role as part of the UK Government’s international financing offer.“
They plan to invest between £1.5 and £2 billion each year in green infrastructure, technology, and other industries to help people in Africa, Asia, and the Caribbean improve their lives and the lives of their communities.
Africa and existing South Asian markets like as India, Pakistan, and Bangladesh will remain central to the company’s objectives. It will also be increasing its coverage to encompass numerous nations in South East Asia as well as sections of the Caribbean. The company will concentrate its efforts in these new areas on climate financing investments.
“Our new name, and our recently launched five-year strategy, build on the development mandate that has been at the heart of our work for over 70 years. We remain committed to investing long-term, patient capital to bring about productive, sustainable and inclusive development in emerging economies. As we enter this new chapter as British International Investment, we will build on the legacy of CDC, investing to create positive economic, environmental and social change. We look forward to continuing to work with all our partners, in the months and years to come.”
British International Investment will be important to the UK Government’s international funding offer to emerging economies. It will play a vital role in the UK Government’s wider plans to deploy up to £8 billion in public and private sector investment in international projects by 2025.