Blog
07 Sep 18
This week, the United Kingdom announced its ambition to become the largest G-7 foreign direct investor in Africa by 2020. To make this happen it aims to generate up to £8 billion ($10.26 billion) of U.K. public and private investment in Africa. Over the next 3 years, CDC, the U.K.’s development finance institution, will aim to invest up to £3.5 billion in Africa while the U.K. government aims to mobilize a further £4 billion of private investment.
This announcement is the first tangible action announced by a G-7 country since the June 2018 Charlevoix Commitment on Innovative Financing for Development, where G-7 leaders committed to support innovative financing approaches for development.
It is also the latest example of a trend where governments are turning to innovative finance, mobilizing the private sector to make their development funds achieve larger impact. Other examples include Germany’s compact with Africa and Canada’s Feminist International Assistance Policy.
Read the rest in Devex.
About the Author
Chris Clubb has 20+ years of experience financing development projects in more than fifty emerging and frontier markets. Prior to joining Convergence, he was the Director leading European Bank for Reconstruction and Development’s (EBRD) financing/investment activities in its early transition countries where EBRD increased its annual investments five-fold to become the largest investor in these low-income countries. While at EBRD, Chris innovated and implemented in partnership with more than 20 donors many of EBRD’s blended finance programs – including the leading local currency program for SME finance and development. Prior to EBRD, Chris provided long-term financing to strategic European infrastructure projects while at European Investment Bank, provided cross-border financing to international buyers while at Export Development Canada, and started his banking/financing career in corporate banking at Toronto Dominion Bank. Chris has held senior strategic risk management positions at EBRD and EDC, including the design and implementation of an enterprise-wide risk management framework.
