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Tag: British International Investment (BII)

  • PIC and BII sign landmark partnership to advance vital investment across Africa

    PIC and BII sign landmark partnership to advance vital investment across Africa

    The Public Investment Corporation (PIC) and British International Investment (BII) have signed a Memorandum of Understanding (MoU) to accelerate collaboration in investments across the African continent.

    The agreement between one of Africa’s largest asset managers and the UK’s development finance institution and impact investor, establishes a framework for the PIC and BII to jointly explore and pursue impactful investment opportunities, aligning their mandates and resources to drive sustainable economic growth and development across the continent.

    The MoU outlines a commitment to share deal pipelines, facilitating the exchange of promising investment opportunities across various economic sectors like agriculture, financial services, infrastructure and climate initiatives. The partnership will foster regular dialogue and explore co-investment possibilities, leveraging the expertise of both organisations to maximise impact.

    By combining their strengths, the PIC and BII aim to unlock new avenues for capital deployment and contribute to transformative development across Africa. The organisations have committed to review investment opportunities in debt, equity and funds.

    The PIC has an investment mandate that enables it to capitalise on development-focused projects. In this regard, the PIC development mandate incorporates broad areas including investments in unlisted South African-based entities, with a focus on sectors such as agriculture, manufacturing, mining, and financial services economic, environmental, and social infrastructure, as well as developmental investments in the rest-of-Africa.

    On the other hand, BII has been investing in Africa for over 75 years, providing long-term capital that supports the growth of productive, sustainable and inclusive economies. With a portfolio of US $5.6 billion invested across 810 companies in Africa, the DFI uses its capital to back businesses that drive local economies, build infrastructure that connects people, and create jobs and services that help communities to thrive. The partnership with PIC forms part of BII’s strategy to work with institutional investors and use its concessionary capital to create ways in which more commercial capital can be deployed to support development in Africa.

    According to Mr. Abel Sithole, outgoing CEO of the PIC, the organisation’s strategy of investing on the rest of the African continent is underpinned by investing through partnerships. “The BII partnership cements this strategy and will enable the use of blended funding models to unlock investments that facilitate infrastructure development, industrialisation and trade on the continent. We are elated by the powerful force of two large impact investors working together for the benefit of Africa,” Mr. Sithole explained.

    Commenting on the cooperation, Mr. Kabelo Rikhotso, the PIC Chief Investment Officer said: “We consider cooperation and partnerships as an important factor in our ability to deliver on client investment mandates. The signing of this MoU provides the opportunity to expand our investments across Africa. Sharing deal pipelines and the potential for co-investment opportunities provides important prospects for cooperation between the PIC as an asset manager and the BII as a global development finance institution, committed to investing in emerging economies.”

    Mr. Leslie Maasdorp, BII CEO added: “This partnership with PIC exemplifies our shared ambition to drive growth and increase impact across the continent. By leveraging our combined expertise and resources, we can unlock new opportunities for transformative investments that support sustainable development, drive economic growth, and attract increased commercial capital into key sectors across Africa.”

    Mr. Antony Phillipson, British High Commissioner to South Africa, said: “This landmark partnership between BII and the PIC marks a significant step forward in deepening the UK-South Africa Growth Partnership. It reflects our shared commitment to mobilising capital for sustainable development across Africa. This collaboration brings together two institutions with a strong track record and a common vision – to unlock inclusive growth, support resilient infrastructure, and create long-term opportunities in South Africa and across the continent.”

  • Lagos hosts 21st Annual AVCA Conference and VC Summit to chart the future of private capital in Africa

    Lagos hosts 21st Annual AVCA Conference and VC Summit to chart the future of private capital in Africa

    …Returning to Nigeria after 11 years, the conference highlights the country’s position as a leading hub for investment, securing US$3bn in private capital deals from 2020-2024. 

     The 21st Annual AVCA Conference and VC Summit, the world’s largest Africa-focused private capital gathering, has kicked off in Nigeria. The anticipated annual gathering takes place at the Lagos Continental Hotel from 28 April to 2 May 2025. Themed Bold Moves: Powering 10x in Africa, the conference convenes business leaders, policymakers and private capital allocators from all around the world to exchange strategies, collaborate and unlock opportunities to stimulate returns for Africa’s development.

    The conference highlights private capital as a strategic enabler of innovation, economic growth and industrialisation. The convening returns to Nigeria after 11 years and demonstrates the opportunity to diversify African economies, leverage strategic sectors, and showcase the thriving entrepreneurial ecosystem in Nigeria and beyond. Nigeria ranks first in West Africa by deal volume (66%) and value (52%), securing US$3bn in reported private capital deals from 2020-2024, according to AVCA research.

    The 21st Annual AVCA Conference provides a platform to forge progressive partnerships, frame action-oriented discussions, and mobilise new and deep pools of capital from development finance institutions, sovereign wealth funds, pension funds, insurers, and other capital allocators. The conference is a key forum to focus investor activity and reinforces the role of private capital in driving sustainable growth, alongside other global development-focused proceedings, including Financing for Development in Seville, the United Nations General Assembly, and G20 in South Africa later this year.

    Speakers at AVCA’s conference include Dr Jumoke Oduwole MFR, Honourable Minister, Minister of Industry, Trade & Investment, Nigeria; Aliko Dangote GCON, Founder and CEO of Dangote Industries; Olusola Lawson, Co-Managing Director, African Infrastructure Investment Managers (AIIM),  Tope Awotona, Founder and CEO, Calendly; Benson Adenuga, Head of Office and  Coverage Director, Nigeria, British International Investment (BII); Danladi Verheijen, Co-Founder/CEO, Verod Capital Management; Tope Lawani, Co-Founder and Managing Partner, Helios Investment Partners, among others.

    The conference sessions incorporate strategies from industry experts across leading organisations, such as the African Development Bank (AfDB), Africa50, European Bank for Reconstruction and Development (EBRD), FMO, the Dutch entrepreneurial development bank, International Finance Corporation (IFC), Norfund, Public Investment Corporation (PIC), and Rwanda Finance.

    Abi Mustapha-Maduakor, CEO, AVCA, said: “This conference comes at a pivotal time for Nigeria, and it is significant that we are returning to Lagos, a vibrant commercial hub, after 11 years. Despite the macroeconomic headwinds that have rocked global financial markets, Africa has demonstrated resilience and innovation, with Nigeria in particular, leading the continent in the venture landscape. Amid shifting global dynamics, it is more important than ever that capital allocators, fund managers, policymakers, business leaders and industry stakeholders come together to explore how private capital can deliver performance and impact.”

    Temi Popoola, Group Managing Director/Chief Executive Officer, Nigerian Exchange Group, stated “As Nigeria works to deepen its capital markets and drive inclusive economic growth, the role of both local and international capital providers has never been more critical. This conference underscores the critical synergy between public and private markets, with capital markets serving as a vital bridge for unlocking value and providing structured exits for private capital. We commend AVCA’s convening power in fostering dialogue, strengthening market linkages, and advancing a shared vision for sustainable economic development across Nigeria.”

    Background

    • The conference kicked off with a press briefing on 28 April 2025. Photos and Video highlights are linked here.
    • The 2025 conference follows the appointment of Anna Evi-Parker to AVCA’s senior leadership team as Regional Head, West Africa, following AVCA’s strategic merger with PEVCA (here)
    • Previous AVCA conferences have been held in cities including Johannesburg, Abidjan, Accra, Addis Ababa, Cairo, Cape Town, Dakar, London, Marrakech, Nairobi, and Tunis.
    • The conference stimulates the evolving global dialogue on private capital mobilisation, impact investment, and development finance for Africa.
  • We’ll support Moniepoint to enhance UK-Nigeria trade and investment partnerships – British Envoy

    We’ll support Moniepoint to enhance UK-Nigeria trade and investment partnerships – British Envoy

    With the UK-Nigeria trade relations are expected to see significant growth in several sectors this year, the British Deputy High Commissioner in Lagos, Mr. Jonny Baxter has paid a working visit to Moniepoint’s UK office. The visit underscores the value of strong partnerships in driving growth and innovation across continents, with Moniepoint’s emergence as a global fintech leader, showcasing how bilateral cooperation fuels economic progress.. 

    During the meeting, discussions revolved around strengthening trade and investment ties between Nigeria and the UK. Mr. Baxter highlighted the importance of trade as a cornerstone of diplomatic and economic relations between the two nations, emphasizing its role in fostering prosperity, innovation, and cooperation across sectors such as energy, financial services, and infrastructure. The envoy highlighted the British International Investment (BII)’s investment in  Moiniepoint Inc as a critical point in increasing economic opportunities for small businesses in Africa, as well as enhancing financial inclusion for consumers and providing direct financing to impactful companies. 

    Tosin Eniolorunda, Founder and Group CEO of Moniepoint, lauded the British government and DBT for creating an enabling environment for Nigerian businesses operating in the UK. He noted that Moniepoint’s presence in the UK contributes to actualizing this bilateral relationship by ensuring it is not a one-sided transfer of investments but a mutually beneficial partnership.

    “Trade and investment are pillars of UK-Nigeria relations. We’re proud to be part of a movement that’s turning those pillars into bridges for real economic transformation. Our mission has always been to engineer financial happiness while powering the dreams of millions businesses and individuals through digital financial technology. Every step we take—whether in Nigeria or the UK—is about making that vision a reality. Our growth is a testament to what’s possible when partnerships go beyond investment—it’s about shared prosperity and innovation,” Eniolorunda said. 

    Eniolorunda also acknowledged the Enhanced Trade and Investment Partnership (ETIP) between Nigeria and the UK as a critical framework for unlocking market access, regulatory cooperation, and job creation in emerging sectors. He highlighted opportunities for collaboration in areas such as innovative financial services and cybersecurity products. 

    Moniepoint operates as an all-in-one financial ecosystem, offering seamless payments, banking, credit, business management and cross border solutions to over 10 million businesses and individuals across Nigeria and Africa. It has established itself as the leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), especially those in the informal segment of the economy. Moniepoint’s mission to drive financial inclusion and empower businesses has been widely acknowledged and signposted by its listing for two consecutive years as Africa’s fastest growing financial institution. As Nigeria’s largest merchant acquirer, the company powers most of the country’s Point of Sale (POS) transactions, processing over 1 billion transactions monthly, with total payments volume exceeding $22 billion.

    During the visit, Moniepoint discussed plans for new solutions to help Nigerians in the UK easily send money home. These solutions will leverage Moniepoint’s reputation for trust, speed, and transparency to solve payment issues. Eniolorunda noted this is part of a larger effort to improve economic and trade relations between Nigeria and the UK..

    Moniepoint executives at the event include Felix Ike, Co-Founder and Chief Technology Officer, Moniepoint Inc; Moniepoint Inc; Ross Strike, Senior Vice President, M&A & Investor Relations; and Ravi Jakhodia, CEO, Moniepoint UK. The British delegation which had in attendance Hugh de Lusignan, Head of Financial Services at the Department for Business and Trade (DBT) recognized Moniepoint as a testament to Nigeria’s growing prominence in global fintech while reiterating the UK’s commitment to furthering economic collaboration with Nigeria, particularly as both nations explore new opportunities for innovation and growth. 

  • GHIB and BII announce $50m partnership to boost cross-border trade across Africa’s frontier economies

    GHIB and BII announce $50m partnership to boost cross-border trade across Africa’s frontier economies

    • First partnership between GHIB and BII, two UK institutions to address trade finance needs on the continent. 
    • Target economies include Sierra Leone, Liberia, The Gambia, Benin, DRC, Rwanda, and Tanzania. 

    Ghana International Bank plc (GHIB), a leading UK-based African financial institution, and British International Investment (BII), the UK’s development finance institution and impact investor, today announced a $50m trade finance facility covering Sierra Leone, Liberia, The Gambia, Benin, Democratic Republic of Congo, Rwanda and Tanzania.

    Under a Master Risk Participation Agreement (MPRA), the $50 million facility will enable GHIB to support more businesses and facilitate trade flows in the target countries. This addresses the general lack of credit appetite for frontier markets in Africa for reasons including high risk perception and comparatively lower volumes. 

    Increased trade finance can enable local businesses to import the commodities and equipment they need to sustain and grow their businesses. It helps create economic opportunities for business owners and maintain continued supply of essential goods in the market for Africans at a reasonable price. 

    The UK’s Minister for Africa, Lord Collins of Highbury, commented: “I’m delighted to see two UK institutions coming together to strengthen economic ties with Africa. Africa’s trade financing gap is one of the continent’s most pressing challenges and access to this funding will enable local businesses to trade more with the world, including the UK. This partnership serves as another example of BII’s leadership in building opportunities for growth with the UK’s partners.”

    Kwabena Asante-Poku, Country Director for Ghana at BII said: “In recent years, many African countries have faced challenging economic conditions that have impacted growth and livelihoods. Trade remains a key driver of growth for African economies especially in frontier markets like Sierra Leone, Liberia and The Gambia. Enhancing the flow of trade credit and financial intermediation to these markets will ensure access to essential goods and services which in turn drives sustainable and inclusive economic growth. We are pleased to partner with GHIB to offer practical trade finance solutions to businesses in countries facing difficulties in accessing finance for imports and exports.” 

    Dean Adansi, Chief Executive Officer of GHIB, added: “At GHIB we believe our success over the last 65 years is rooted in a deep understanding of African risk. This partnership with British International Investment represents a viable path through which we can structure partnerships that leverage this deep knowledge of risk into profitable and impactful transactions. With this deal, we are employing a structure that uses our deep knowledge and access of the market, harnessed together with the superior scale and capacity of BII. Together, we are bringing this to support and expand opportunity in these emerging markets enabling real GDP growth. Our research indicates that each dollar of trade unlocks about $1.3 into the GDP of our markets. We will work to make this deal a success, as it will open the way for more liquidity injections into the market.” 

    The collaboration leverages GHIB’s extensive network and proven track record in trade finance and allows BII to engage in a partnership that addresses the expanding trade finance gap in African markets, especially under challenging economic conditions. BII’s involvement brings essential foreign exchange dollar liquidity, critical for the import of key goods to GHIB’s operating markets. 

  • Johnvents Group and BII partner to drive sustainability and growth in Nigeria’s cocoa sector with $40.5m investment

    Johnvents Group and BII partner to drive sustainability and growth in Nigeria’s cocoa sector with $40.5m investment

    …The partnership will boost cocoa production, enhance global export capabilities, and create economic opportunities for Nigerian farmers

    Johnvents Group (Johnvents), an agribusiness and manufacturing conglomerate, recognised as a leading player in Nigeria’s cocoa processing and export sector, has announced a landmark partnership with British International Investment (BII), the UK’s development finance institution (DFI) and impact investor. This collaboration will support one of Johnvents Group’s subsidiaries, Premium Cocoa Products, Ile-Oluji to increase production to its installed capacity of 30,000 metric tonnes per year.

    This strategic collaboration comes at a pivotal time when Nigeria’s agricultural sector is poised to play a more prominent role in the global supply chain for sustainably sourced products. The $40.5 million investment from BII will enable Johnvents Group to optimise production efficiencies as well as strengthen its sustainability and traceability programme. This will advance the company’s ambitious goal to achieve 100 per cent traceable cocoa, with at least 90 per cent certified, by 2027.

    Underlining the UK’s commitment to work with Nigeria to strengthen its agricultural sector and drive inclusive growth, Jonny Baxter, British Deputy High Commissioner in Lagos, said: “The UK is proud to back first-class sustainable investment that is creating jobs and mutually beneficial partnerships across Nigeria. Through this landmark agreement between the UK’s development finance institution, British International Investment, and Johnvents Group, we look forward to further growth of Nigeria’s cocoa industry and increased export markets.” 

    Benson Adenuga, Coverage Director and Head of Nigeria Office at BII, said: “We are delighted to partner with Johnvents Group to address critical barriers to the growth of Nigeria’s cocoa industry. Not only will this benefit local farmers, but also improve Nigeria’s trade balance and global competitiveness through increased exports. The investment underlines BII’s commitment to back ambitious Black-owned and led domestic champions that provide innovative solutions to key bottlenecks in strategic sectors.”

    As the world’s fourth-largest cocoa producer, Nigeria holds immense potential, yet the country’s export capacity remains underutilised. This investment will enable Johnvents Group to scale up its processing capabilities, meet growing global demand, and position Nigeria as a competitive player in the international cocoa market.

    John Alamu, Group Managing Director of Johnvents Group, emphasised the importance of this milestone, stating: “At Johnvents Group, we are dedicated to building a sustainable and globally competitive agribusiness industry in Nigeria. The investment into the Premium Cocoa Products Ile-Oluji facility – one of our cocoa processing subsidiaries, coupled with our partnership with BII, represents a significant step forward in achieving this goal. This investment will not only boost our processing capabilities but also empower thousands of farmers and contribute to the overall economic development of Nigeria.”

    BII’s partnership with Johnvents reinforces the DFI’s commitment to increase investment in Black-owned and led business in Africa, who often face challenges in accessing capital compared to other ethnicities in the region.

  • British International Investment to partner with City of London’s institutional investors to consolidate the UK’s position as global leader in climate finance

    British International Investment to partner with City of London’s institutional investors to consolidate the UK’s position as global leader in climate finance

    …New initiative will reduce risk for private institutions to inject capital to combat climate emergency.

    The City of London can consolidate its position as a global capital for climate finance by working with British International Investment (BII), the UK’s development finance institution and impact investor, in the battle to combat the climate emergency. 

    Last year, the UK Prime Minister, Keir Starmer, announced BII would manage a new £100 million Mobilisation Facility to boost the flow of private capital into emerging economies that are considered too risky by global investors.  

    Today, BII announced that up to £50 million of the facility has been ring-fenced for a groundbreaking new initiative. BII is partnering with Mercer, a global investment firm, to encourage the asset manager community to develop investment solutions, which will help to unlock private investment into climate related projects in emerging economies. It will also seek to address the gap between the risk appetite and return thresholds of institutional investors.  

    Emerging economies are expected to play a crucial role in global economic growth. They currently represent over 60 per cent of the world’s GDP and are projected to account for 74 per cent of global energy consumption by 2050. This creates investment opportunities in sectors like clean energy and infrastructure, offering potential for growth, diversification and impact. 

    Minister for Development, Anneliese Dodds welcomed the initiative: “Countries exposed to the climate crisis are facing extreme weather events which destabilise economies, hinder growth and displace people. Those countries need urgent access to finance to tackle and adapt to this crisis.

    “At the same time UK financial institutions are ideally placed to provide global leadership in climate finance and tap into these emerging markets, generating growth at home and providing much needed finance abroad.

    “By bringing together private and public expertise and capital, the UK is leading the world in mobilising the finance countries need to tackle the impacts of the climate crisis.”

    Asset Managers in the UK and globally, with a demonstratable track record in climate finance and interest in emerging economies, are invited to submit proposals to partner with BII. Proposals with a strong potential for accelerating private investment and which demonstrate large-scale climate impact will be granted access to concessional capital of up to £50 million from the facility. They will also have the opportunity to access non-concessional investment funding from BII. 

    Leslie Maasdorp, BII CEO said: “BII is the UK’s primary vehicle for delivering climate finance into our markets. But the scale of the climate emergency means we have to unlock the vast pools of capital that are held by private institutions. The partnership we have unveiled today is a truly innovative way of doing that.”

    Benoit Hudon, Mercer’s UK President and CEO said: “This initiative has the potential to encourage investment into new projects in emerging economies to support their economic development. Mercer will play a key role in identifying innovative asset manager proposals that support the energy transition and address some of the hesitancy institutional investors have about investing in emerging economies.” 

    For more information about the Mobilisation Facility initiative, please visit BII or Mercer websites.  

  • Visa makes Strategic Investment in Moniepoint to Accelerate Financial Inclusion for African SMEs

    Visa makes Strategic Investment in Moniepoint to Accelerate Financial Inclusion for African SMEs

    Moniepoint Inc.,) one of Nigeria’s leading business payments and banking services platforms, has secured an investment from Visa, a global leader in digital payments. The investment marks an important milestone in Visa’s commitment to advancing financial inclusion and shaping the future of digital payments while fostering SME growth across Africa.

    Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt) has established itself as a leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), offering an integrated suite of services, including digital payments, bank accounts, credit, foreign exchange (FX), and management tools. The platform processes over 1 billion transactions monthly, with total payments volume exceeding $22 billion, enabling businesses to digitize their operations and thrive in Africa’s rapidly evolving economy.

    With this investment, Visa supports Moniepoint’s mission to empower African businesses, further accelerating its growth and expansion across the continent. Moniepoint’s profitable and scalable business model, alongside its strong operational and financial track record, has positioned it as a transformative force in the African fintech ecosystem.

    As Africa’s Fintech landscape continues to evolve rapidly, driven by a dynamic ecosystem and a focus on bridging the financial inclusion gap, Visa has been at the forefront of this transformation, putting its expertise and resources to work in support of the growth of African Fintech startups. 

    Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said, “We are thrilled to announce Visa’s investment in Moniepoint. Visa’s backing is a strong endorsement of our vision to digitize and support African businesses at scale. Together, we aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy. Given that about 83% of employment across Africa is in the informal economy, we are very keen to widen access and participation in the formal financial system and drive economic growth across Africa.”

    He continued, “Visa’s expertise in global payments and Moniepoint’s proven ability to serve African businesses make this partnership an exciting opportunity in shaping the continent’s economic future even as we pave the way for a more inclusive and dynamic financial ecosystem. We are delighted in joining forces with Visa to enhance the digital payment infrastructure, expanding financial services, and fostering innovation in Africa.”

    Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa at Visa, added:

    “Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development. By making financial services and digital payments more accessible and efficient, Moniepoint is helping transform how businesses operate in Nigeria and beyond. We are excited to support their next phase of growth and innovation.”

    “Visa’s investment in Moniepoint is the latest example of our long-standing commitment to advancing digital economies in Africa. We will enable even the smallest businesses to thrive through innovative payment and software solutions that allow SMEs to scale and open new revenue opportunities, while streamlining their operations.” 

    Moniepoint has experienced exponential growth since its founding in 2015, with revenues increasing by over 150% CAGR in recent years. The company’s efforts to expand access to financial services align closely with Visa’s mission of enabling individuals and businesses to thrive in the global economy.

    Congratulating both parties, the Nigerian Investment Promotion Commission (NIPC) celebrates this strategic investment in Moniepoint, highlighting it as proof of Nigeria’s attractiveness for investors due to its favorable business climate. Furthermore, the NIPC praised Moniepoint as an exemplar of Nigerian excellence contributing significant value to the global financial ecosystem.  The Commission emphasized its commitment to supporting investors and fostering economic cooperation in finance and technology to help Nigeria reach its full economic potential.

    This partnership combines Moniepoint’s local expertise and innovative business model with Visa’s global resources and capabilities. Together, Moniepoint and Visa aim to accelerate the digital transformation of African SMEs, driving financial inclusion and long-term economic prosperity.

    Visa joins other notable investors including Development Partners International, Google’s Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment (BII), FMO (the Dutch entrepreneurial development bank), Global Ventures and Endeavor Catalyst in advancing Moniepoint’s mission to create a society where everyone experiences financial happiness.

  • Standard Chartered and British International Investment Renew $350M Commitment to Trade Finance in Africa and South Asia

    Standard Chartered and British International Investment Renew $350M Commitment to Trade Finance in Africa and South Asia

    Standard Chartered, a leading international cross-border bank, and British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, announce the signing of a USD350 million risk participation agreement. This facility aims to bolster the trade finance needs of SMEs and corporates across Africa and South Asia and to boost economic growth in these regions.

    Since the initial agreement in 2013, Standard Chartered and British International Investment have enabled over USD10 billion in trade volumes in over 10 countries across Africa and South Asia including Kenya, Tanzania, Nigeria, Bangladesh, Pakistan and Nepal. In the past year, approximately USD450 million of trade has been supported via this facility. 

    The renewed facility will cover an expanded number of dynamic markets and seek to provide much needed support in trade and economic growth in Africa and South Asia by further enabling trade finance access and liquidity across Standard Chartered’s extensive global network. It will support many sectors such as food, agriculture, healthcare, industrials, metals infrastructure, electrical, electronics, technology, telecom and mobility to name a few. 

    The facility also supports the United Nations’ Sustainable Development Goals of Decent Work & Economic Growth (UN SDG 8), Industry Innovation & infrastructure (UN SDG 9), Responsible Consumption & Production (UN SDG 12).

    The UK’s Development Minister Anneliese Dodds said: “I am delighted to see BII and Standard Chartered renew their facility to deliver trade finance throughout Africa and South Asia. This is an important partnership that will support SMEs and corporates to grow and deliver critical goods and services. Trade plays an important role in economic transformation, and this risk-sharing facility demonstrates how BII can work with financial institutions to support our shared development objectives.”

    Nick O’Donohoe, CEO, BII, said: “We are proud of the positive impact that this long-standing trade finance facility with Standard Chartered has had in Africa and South Asia. By enabling over $10bn in trade volumes, the facility continues to empower businesses and facilitate the vital flow of essential goods and services including food and healthcare. This is pivotal in supporting economic growth and creating new opportunities in these regions. It is also a step closer to narrowing the global trade finance gap.”

    Saif Malik, CEO, UK and Head of Banking & Coverage, UK, Standard Chartered said: “We are thrilled to renew our commitment to work with BII in support of trade. As a leading international banking group, we play a vital role in enhancing access to the capital and liquidity that is essential for global trade. This strategic agreement will provide significant support to businesses with high potential but constrained access to finance. It aligns to our vision of the role that banking and finance can play in supporting the growth ambitions of corporations that innovate for the future by connecting the world’s most dynamic markets in trade, investment and capital flows.

  • Absa Closes $150 million Finance Facility with British International Investment

    Absa Closes $150 million Finance Facility with British International Investment

     Absa has successfully secured a $150 million facility from British International Investment (BII) plc as part of its mission to help close the trade finance gap in Africa. BII is the UK’s Development Finance Institution (DFI) and impact investor, focused on providing patient capital to foster productive, sustainable, and inclusive economies. Absa, as the borrower in this transaction, will utilise the funds to support this objective, with a specific focus on the African continent.

    “Our unyielding commitment to the success of the continent continues to drive us to find solutions to serve our customers by addressing Africa’s trade finance gap, focusing on sustainable funding,” said Mosa Tshabalala, Head of FI Trade Sales (International), Risk Distribution, and Syndication at Absa CIB. “Our role as a Pan-African bank is to channel the funds to reach our client base across our chosen markets. We continue to forge partnerships with DFIs, insurance companies, other commercial banks (locally, regionally, and globally), ECAs, and institutional investors to drive market access and provide the funding necessary to support our customers’ growth ambitions.”

    Africa’s trade finance gap is estimated to be between $100 billion and $120 billion. By partnering with BII, Absa is making strides in advancing the efforts of the African Continental Free Trade Area (AfCFTA) agreement, which aims, among other objectives, to reduce the continent’s trade finance gap. In addition, this transaction enables Absa to extend liquidity to clients across various geographies and trade product sets that are in high demand.

    These funds are ringfenced for financing trade transactions, with a focus on sustainable funding. This includes, but is not limited to, supporting small and midsize enterprises (SMEs) founded by youth and women engaged in intra-African and global trade. 

    This aligns with Absa’s goal of concluding R100 billion in sustainability-related transactions by 2025.

    “Our extensive presence across the continent, combined with our global reach, enables us to facilitate the flow of capital and trade finance that African businesses need to scale and compete internationally. By leveraging our cross-border expertise and strategic partnerships, we are driving sustainable growth and creating new opportunities in emerging markets, contributing to the broader development of Africa’s economic ecosystem,” said Charles Russon, Interim Group Chief Executive Officer, Absa.   

    Absa’s long-standing partnership with BII reflects the depth of their relationship and shared vision for driving growth in emerging markets. Since 2019, the partnership has provided much-needed trade liquidity in countries such as Ghana, Nigeria, Kenya, Uganda, Tanzania, and Mozambique – supporting over $1 billion in trade volumes, including over the course of the COVID-19 pandemic, which severely strained trade liquidity in Africa.

    The UK’s Development Minister, Anneliese Dodds said, “I am happy to see BII support Absa through this important facility, which is part of a long-standing partnership to help fill Africa’s estimated $100bn to $120bn trade financing gap. Today’s signing demonstrates BII and Absa’s continued commitment to addressing that pressing challenge together, focusing on sustainable and inclusive economic growth.”

    Admir Imami, Director, Head of Trade & Supply Chain Finance, BII added “We are delighted to continue our partnership with Absa which is based on a shared ambition to progress inclusive and economic development, particularly for underserved groups including SMEs and women. The facility combines BII’s long history of support in Africa with Absa’s cross-border expertise, which will help to make trade finance more accessible to African businesses and improve the vital flow of essential goods including food.”

  • BasiGo Secures $42 Million in Funding to Scale Public Transport Electrification in Sub-Saharan Africa

    BasiGo Secures $42 Million in Funding to Scale Public Transport Electrification in Sub-Saharan Africa

    BasiGo, the leading provider of electric bus solutions in sub-Saharan Africa, has today announced the successful closing of a US$42 million in new capital. 

    The funding round consists of US$24 million in Series A equity funding along with US$17.5 million in debt facilities from British International Investment (BII) and the U.S. Development Finance Corporation (DFC). The equity funding round is led by Africa50, the pan-African infrastructure investor and asset manager, marking the most significant investment from an African fund in an e-mobility company.

    The equity round features co-investments from Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and Susquehanna Foundation. The Series A equity round unlocks a $10 million debt facility from DFC for BasiGo Kenya, as well as a new $7.5 million in debt facility from BII specifically designed for scaling BasiGo’s E-bus deployment in Rwanda.

    Jit Bhattacharya, CEO of BasiGo remarked: “Since we founded BasiGo in 2021, our mission has been to create the future of clean, electric public transport in Africa. We are thrilled to have Africa50, a premier African infrastructure investment fund, recognize the potential of our mission. The combined equity and debt investment into BasiGo validates our vision and positions BasiGo to focus on scale and profitability. With BII’s support to expand our E-bus model in Rwanda, we are ready to deliver hundreds of modern, emissions-free electric buses across East Africa.”

    The capital raised by BasiGo will be put towards the company’s core objective of delivering 1,000 electric buses in East Africa within the next 3 years. In Kenya, the funds will specifically be used to increase manufacturing capacity at BasiGo’s dedicated E-Bus assembly line located at Kenya Vehicle Manufacturers.  The investment will also support the expansion of BasiGo’s Pay-As-You-Drive offering to new vehicle types, and to improve BasiGo’s technology platforms such as Jani which make electric buses more accessible and convenient for passengers.

    “We are delighted to conclude Africa50’s first investment in the e-mobility space to support the greening of the public transport sector in Kenya and Rwanda. We believe BasiGo is well positioned to scale in East Africa and beyond given its world class engineering and operations teams, strong value proposition to transport operators and the caliber of strategic and financial partners assembled by the founders,” said Raza Hasnani, Managing Director and Head of Infrastructure Investments at Africa50. “As the largest investment to date by an African fund in an e-mobility company, we are proud to support innovation that drives green growth and development in the region,” added Mr. Hasnani. 

    Steve Beck, Managing Partner at Novastar Ventures commented: “As an early investor in BasiGo, we are immensely proud of the team’s continued progress towards transforming the public bus transport sector in Africa – delivering improved experience for commuters and substantial environmental benefits. This latest funding round is a testament to the strong investor confidence in BasiGo’s business model, value proposition and customer demand as it expands its operations and leads the way in sustainable transportation in Africa. We are thrilled with this latest milestone and look forward to our continued partnership with BasiGo through the next phase of growth and beyond.”

    In December 2023, BasiGo expanded its operations to Rwanda where it is currently operating 6 pilot electric buses on routes inside Kigali as well as inter-city routes serving nearby towns. The newest debt facility from BII will be put towards launching commercial deliveries of E-Buses in Rwanda, where BasiGo has already received over 300 reservations from bus operators.

    Seema Dhanani, Head of Office, Kenya and Coverage Director, East Africa at BII, said: “We are delighted to support BasiGo as it expands into Rwanda. This marks a significant step in electrifying the local public transport sector, reducing pollution, and combating climate change impacts. This is in line with our priority of supporting e-mobility to foster sustainable economic growth.” 

    The total capital raised represents one of the most significant investments into Electric Mobility in Africa. The investment accelerates BasiGo’s growth trajectory and strengthens its position as a leader in Sub-Saharan Africa’s evolving EV landscape.

  • UK backing enables new Africa-focused climate fund to achieve US$200m first close

    UK backing enables new Africa-focused climate fund to achieve US$200m first close

    • The Helios Climate, Energy Access, and Resilience (CLEAR) Fund has achieved its first close.
    • CLEAR Fund has secured approximately US$200 million in anchor investment from eight leading institutions.
    • This includes investment from PIDG company InfraCo Africa, the Foreign, Commonwealth and Development Office (FCDO), and British International Investment (BII).
    • CLEAR aims to become the largest Africa-focused climate fund with a target size of US$400 million.

    Catalytic backing from the United Kingdom has enabled the Helios Climate, Energy Access, and Resilience (CLEAR) Fund to raise approximately US$200 million in its first close for investment in African businesses focused on climate mitigation and adaptation. The Fund, managed by Helios Investment Partners, intends to become the largest Africa-focused climate fund with a target size of US$400 million. 

    Following initial catalytic backing by PIDG company, InfraCo Africa and the UK’s FCDO, through the MOBILIST programme, a further six leading climate investors committed to anchor CLEAR’s first close. Among them are:

    • British International Investment, the UK’s development finance institution and impact investor
    • The European Investment Bank
    • The Emerging Markets Climate Action Fund, advised by EIB and managed by Allianz Global Investors
    • The Dutch Development Bank
    • The Swiss Investment Fund for Emerging Markets, advised by ResponsAbility Investments AG 

    Helios, which is the largest Africa-focused private investment firm, will begin investing the capital immediately. The Fund’s ambition is to support and scale African climate champions. It will focus on five key areas: 

    • Green energy solutions
    • Climate-smart agriculture & food
    • Green mobility and logistics
    • Recycling and resource efficiency
    • Digital and financial climate enablers 

    Research commissioned by MOBILIST shows that sub-Saharan Africa’s renewable energy market already represents a potential investment opportunity of $193 billion by 2031. Despite the scale of the opportunity, the International Renewable Energy Agency estimates that Africa currently attracts only 3% of global energy investment.  

    Anneliese Dodds, UK Minister for Development said: “This Government is determined to restore the UK’s reputation as a world leader on climate. We need to act now to avoid further environmental devastation that will fuel illegal migration, conflict, and famine across the world. The UK-supported CLEAR Fund is a first of its kind to invest in mid-sized African companies seeking to avoid and reduce carbon emissions, helping people to become more resilient and to adapt to the climate crisis. It is a great example of how UK innovation is helping to mobilise climate finance for Africa, enabling businesses on the continent to deliver climate-friendly solutions. It’s one more step towards realising our mission of a world free from poverty on a liveable planet.”

    Gilles Vaes, Chief Executive Officer at InfraCo Africa (PIDG), said: “Today’s announcement marks a key milestone for CLEAR – a Fund conceived by PIDG company InfraCo Africa, through its investment arm InfraCo Africa Investment Ltd, and Helios Investment Partners, with support from ThirdWay Partners and FCDO’s MOBILIST. It is also a watershed moment for African growth businesses – and the associated infrastructure – seeking to address the climate crisis. CLEAR will unlock much-needed access to finance and exit routes for climate entrepreneurs whilst giving investors comfort that their investments will generate the growth they expect and support global efforts to address climate change, in line with the PIDG strategy, which was launched in 2023.

    Christopher Chijiutomi, Managing Director and Head of Africa at BII, said: “We are delighted to once again partner with Helios Investment Partners to support the growth of African companies. As the UK’s development finance institution, this investment also reinforces BII’s commitment to supporting Africa’s green transition. Mobilising much-needed private capital into green sectors through this Fund will help to drive innovation and create new opportunities, contributing to a resilient and prosperous future for Africa.”

    Ross Ferguson, who leads the MOBILIST programme at the FCDO said: “Africa must overcome a significant climate financing gap to realise its climate transition and MOBILIST will act wherever there are opportunities to unlocking climate and development finance, including through faster reform of the global financial system. As such, FCDO, through MOBILIST, is proud to partner with Helios Investment Partners, one of Africa’s foremost private equity managers with deep expertise in creating secondary market liquidity for investors in Africa, including through Helios Towers and Vivo Energy. Joining MOBILIST and InfraCo Africa Investment Ltd, a powerful consortium of development finance practitioners is now anchoring this landmark fund to mobilise commercial capital toward addressing Africa’s climate mitigation and adaptation needs.

  • British International Investment announces 2023 Annual Review with £725 million of new sustainable development commitments in Africa

    British International Investment announces 2023 Annual Review with £725 million of new sustainable development commitments in Africa

    …£449 million of new climate finance investments in Africa and Asia – taking total over last two years to over £1 billion

    British International Investment (BII), the UK’s development finance institution and impact investor, announced today that it had increased its commitment to African partners with £725 million of new sustainable development investments, from a global total for the year of £1.31 billion.

    BII has a mission to help countries escape poverty by providing impact investments to support the development of thriving private sectors. It invests in the people and places most in need of capital that typically receive the least from private investors. 

    The scope of BII’s activity last year was published today in its Annual Review, entitled Creating Impact Together.

    Of the total, £724.9 million went to support African businesses, compared with £692 million or 55 per cent of total investments in 2022.  BII’s capital now supports – directly and indirectly – 1,580 companies that directly employ nearly a million people in 65 countries.

    BII’s Africa portfolio size is now $5.6 billion across 812 businesses, which directly provide 499,232 jobs and pay $1.46 bn in taxes.

    Climate change continues to be one of the biggest threats to global development, with people living in some of the world’s poorest countries among the most vulnerable to its impact.

    Out of BII’s total commitments in 2023, £449 million (37 per cent) was classified as climate finance – taking the total over the last two years to over £1 billion. BII’s climate finance target over the course of its current five year strategy period is 30 percent. 

    BII has backed a wide range of companies that are vital to economic development and improving peoples’ lives. Its investments have covered sectors such as food and agriculture, financial services, as well as green and digital infrastructure. New investments have included:

    • AFEX: BII invested £21.8 million in AFEX, a leading commodities platform that currently operates over 200 warehouses in Nigeria, Kenya and Uganda and serves over 450,000 farmers. The investment will help build 20 modern warehouses to enable up to 200,000 more farmers to access low-cost storage and maximise sales from crop harvests.
    • Planet Solar: BII invested £8.5 million in Planet Solar to provide clean, affordable solar power in Sierra Leone, where only 23 per cent of people have access to electricity. It will be Sierra Leone’s first large-scale solar project to be connected to the grid. It will enable more power to flow to industries and communities in the capital city Freetown, the Western region, and four other areas throughout the country.

    BII’s total net assets increased to £8.5 billion (£8.1 billion in 2022) while the portfolio grew to £7.3 billion (£6.9 billion in 2022). The main reason for this portfolio growth in 2023 was a higher pace of drawdowns compared with realisations and foreign currency valuation gains. BII’s overall financial result was a loss after tax of £44.0 million (£167.7 million profit in 2022), a loss of 0.5 per cent on net assets over the year (2.2 per cent gain in 2022). The portfolio generated a £71.5 million return (£285.6 million return in 2022), a portfolio gain of 1.1 per cent (4.8 percent gain in 2022).

    BII seeks returns of 2 percent across its portfolio, measured on a rolling seven-year basis. This measure is consistent with its mandate to invest to support the economic stability that will improve the lives of millions of people. The company remains ahead of this financial return hurdle with a seven-year weighted average annual portfolio return of 5.2 per cent.

    Diana Layfield, Chair at British International Investment, said: “In a world facing an ever-growing climate challenge, and where inequality and access to basic water, power and economic development remains a profound human challenge, our role is as important as it has ever been.

    “We are pleased to have committed £1.3 billion during a challenging year when levels of foreign direct investment are falling in many of the countries and regions that need it the most. In Africa, FDI amounts to just $40 per person, compared with $651 in North America.”

    Chris Chijiutomi, Managing Director and Head of Africa for BII, said: “We continue to make a real difference to the lives of millions of people living in Africa on behalf of the British tax payer. Our 2023 investment performance underlines our dedication to supporting our partners across the continent as they play a key role in creating vital jobs and services and building economies that are more adaptable and resilient to the impacts of the climate emergency.”

  • Access Bank Raises N442 Billion Capital through Syndicated Tier II Facility

    Access Bank Raises N442 Billion Capital through Syndicated Tier II Facility

    In a significant stride towards fostering economic growth, Access Bank PLC, sub-Saharan Africa’s largest bank by customer base, has celebrated a landmark moment in its partnership with the Dutch Entrepreneurial Development Bank (FMO). The occasion marked the signing of a monumental syndicate Tier II Facility agreement of USD295 million (equivalent of about N442,500,000,000), underscoring a relationship that has flourished for over two decades.

    Access Bank’s collaboration with FMO began in 2003, reflecting a shared commitment to economic development in Nigeria. This latest agreement, the third of its kind arranged by FMO for Access Bank, goes beyond a mere financial transaction, and serves as proof to the deep-rooted trust and synergy between the two institutions.

    This historic agreement is the largest syndication in FMO’s history. This substantial investment is the result of a collective effort involving a syndicate of Global DFI partners, each playing a crucial role in strengthening Nigeria’s private sector. The syndicate includes esteemed names such as British International Investment (BII), Belgian Investment Company for Developing Countries (BIO), BlueOrchard, FinDev Canada, Finnfund of Finland, Norfund of Norway, Oikocredit, and Swedfund of Sweden.

    This financial infusion is earmarked to empower local small and medium-sized enterprises (SMEs), with a particular focus on underserved segments such as youth- and women-owned businesses, agricultural enterprises, and very small enterprises.

    The ceremony, attended by dignitaries including H.E. Amb. Oluremi Oliyide, Nigerian Ambassador to the Netherlands, and representatives from the Dutch government, saw Roosevelt Ogbonna, MD/CEO of Access Bank PLC, express profound gratitude to FMO for their unwavering support and emphasise the bank’s commitment to becoming the world’s most respected African bank by adhering to global best practices and maintaining high standards of accountability.

    “Today marks a significant milestone in our longstanding partnerships with FMO. This monumental syndicate Tier II Facility agreement underscores the deep-rooted trust and synergy among our institutions.

    “This facility not only enhances our capital reserves, but also strengthens Africa’s trade capabilities and export potential. Putting these funds to use, we aim to catalyse growth across various sectors, stimulate business development, create jobs, and deepen financial inclusion, aligning with Access Bank’s mission to drive progress and development throughout the continent and beyond.”

    In his remarks, Michael Jongeneel, CEO of FMO, stated: “We extend our gratitude to our longstanding partner, Access Bank, and our syndication partners for their outstanding cooperation and collective effort in making this loan facility a reality. The syndicated loan provides significant support to SMEs in Nigeria, particularly underserved segments such as women and young entrepreneurs, aligning perfectly with our shared strategy to enhance financial inclusion and empower local entrepreneurs in the agribusiness and SME sectors.”

    Marchel Gerrmann, representing the Dutch government, and members of the syndication partners—BII, Finnfund, and BlueOrchard—were among the distinguished guests who witnessed this agreement.

  • BII supports faster, cheaper and more reliable remittance flows into Africa through a $20m loan commitment to TerraPay

    BII supports faster, cheaper and more reliable remittance flows into Africa through a $20m loan commitment to TerraPay

    …Remittance costs for Africa are the highest globally. Reducing remittance costs is critical to increasing capital flow into Africa and building financial resilience

    British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, today announced a $20 million senior secured loan to TerraPay, a global cross-border payments processor with a key focus on remittance transfers into Africa. This will contribute towards the continuing lower cost, higher speed, improved reliability and accessibility of remittance transfers into the continent, enhancing financial inclusion.

    The remittance costs for the Sub-Saharan African region remain the highest globally. For example, sending $200 to the region cost an average of 8 percent in 2022, while the global average cost for the same amount stands at 6.2 percent. According to the World Bank, this is more than double the Sustainable Development Goal target of 3 percent. 

    Through its network, TerraPay connects directly both traditional money transfer operators such as Western Union, and digital-only fintechs like Wise with some of the largest mobile money operators in Africa including M-Pesa, MTN Mobile Money, Airtel Mobile Money. Its tech-enabled model facilitates real time, lower-cost digital money transfers, tackling the bottleneck of high transfer fees and slow settlement for the African diaspora sending money back to the continent. 

    BII’s funding will be used as part of TerraPay’s working capital to pre-fund growing remittance volumes to Africa. It will prioritise key African corridors, with high volumes expected in Kenya, Ghana, Egypt, Uganda, Tanzania, Cameroon, Mali, Benin, Cote d’Ivoire, Senegal and Mozambique.

    BII is committing through Lendable’s existing senior secured facility, leveraging the partner’s expertise in fintech debt investing across Africa as well as their investment monitoring capabilities. 

    Chris Chijiutomi, Managing Director and Head of Africa, BII said: “Sending money to Africa is expensive. That is why our investment in TerraPay is critical to help increase availability of lower-cost, efficient, accessible and reliable remittances. This aligns with our goal to support resilient financing and improve economic opportunities on the continent.”  

    Suresh Samuel, Managing Director and Head of Fintech at Lendable said “We have been supporting TerraPay since 2020, as the company accelerated its growth facilitating remittances across emerging markets.  We continue to believe in the importance of increasing digital payments globally and are excited to work with BII in furthering support to TerraPay to expand this mandate.”

  • British International Investment extends a $100 million finance facility to the Eastern and Southern African Trade and Development Bank to support trade and food security in Africa.

    British International Investment extends a $100 million finance facility to the Eastern and Southern African Trade and Development Bank to support trade and food security in Africa.

    • Facility will provide financial support to businesses and financial institutions to increase trade finance activities in Africa.
    • Better access to trade finance will support the flow of vital goods and services.
    • This includes agricultural goods such as fertilisers, seeds and machinery which will help address food security issues in Africa.

    British International Investment (BII), the UK’s Development Finance Institution (DFI) and impact investor, today announced a US$ 100 million finance facility with the Eastern and Southern African Trade and Development Bank (TDB). The investment is designed to strengthen economic resilience in the region by supporting essential trade finance activities, fostering agricultural development and addressing critical challenges such as food insecurity.

    The facility will empower TDB to provide financial support to local businesses and financial institutions in several key markets in Africa. Many African economies are facing various economic challenges, including currency depreciation, rising inflation, debt challenges, and climate-related vulnerabilities, all exacerbated by global economic factors such as the Russia-Ukraine conflict and post-COVID economic turbulence.

    TDB will use the financing to fund trade transactions, including importing and exporting goods, commodities, and essential services across the region. This allocation of capital is crucial for overcoming the barriers to trade in Africa, including the retreat of international correspondent banks from the continent, and addressing the substantial trade financing gap estimated at $80-120 billion. With improved access to trade finance, businesses can engage more readily in import and export activities, facilitating increased cross-border trade, contributing to food security, and stimulating job creation, economic growth and resilience in Africa.

    The financing will enable local companies to procure essential agricultural inputs, such as fertilisers, seeds, and machinery. By facilitating access to these critical resources, the facility aims to enhance local production capabilities, increase agricultural productivity, support both export sectors stimulating forex generation and elevate the overall quality of food products. This helps address immediate food security issues and increases the agricultural sector’s capacity, global competitiveness, and economic output.

    In recent years, TDB has strengthened its collaboration with financial institutions, recognising them as essential partners to boost trade. This strategic partnership is vital to increasing the flow of goods and services, including through financial institutions. The transaction builds on BII and TDB’s shared ambition of empowering critical segments of the economy, as well as the private sector including SMEs, which the institutions are committed to supporting to promote inclusive growth across the continent. 

    Andrew Mitchell, Minister for Development and Africa, said: “This investment underscores the UK government’s commitment to supporting economic and agricultural development across Africa by empowering businesses, stimulating trade, and increasing the flow of essential goods and services. This funding will also help to lower trade barriers so that companies across the continent are better able to expand into overseas markets, access vital resources and tackle critical challenges such as food security.”

    Seema Dhanani, Head of Office, Kenya, and Coverage Director, East Africa at BII, said: “Our collaboration with TDB over the past seven years underscores our commitment to bolstering resilient economies and empowering communities across Africa. We are actively pursuing initiatives to deepen capital markets and catalyse innovation in Africa and our collaboration with TDB is instrumental in providing vital liquidity and deepening access to finance.”

    Admassu Tadesse, TDB Group President and Managing Director, said: “TDB Group has been playing an important role in the trade finance space, often working countercyclically to contribute to the security of supply of essential commodities in high priority sectors such as agriculture and healthcare. This is the fourth facility we are signing with BII and its predecessor. We are pleased to continue building this strategic partnership, and through this new facility, enhance efforts to address ongoing supply chain disruptions and forex shortages, and their impact on food security.”