Jamaica to Benefit from Return of BII to Region  

 

• The return of British International Investment (BII) to the region will offer a vital new source of finance for countries. BII is the United Kingdom’s development finance institution. It assists in solving challenges in developing and emerging economies by investing flexible capital to support private-sector growth and innovation.
• Addressing the launch of the BII on Tuesday (October 25), at the British High Commission in Kingston, Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, welcomed the return of the BII to the region, after an absence of more than 20 years.
• He stated that it opens the avenue for more investments that can help to improve standards of living in Jamaica and can help to transform the lived experience of the Jamaican citizen. It will prioritise investments in the private sector, particularly small and medium-sized enterprises (SMEs), with a focus on sustainable and scalable projects.
• Clarke noted, also, that significant investments will be needed to reduce Jamaica’s dependence on imported commodities, thereby strengthening Jamaica’s resilience against economic shocks from external factors.
• The Minister for the Americas and Overseas Territories, The Rt. Hon. Jesse Norman said the BII is a key part of the UK government’s global plans to mobilise up to £8 billion a year of public and private-sector investments by 2025. This will include BII partnering with capital markets, leveraging the city of London and other funds, to scale up financing for private-sector development.
• BII will also help to usher in a new wave of investments in clean and green infrastructure [and digital transformation], and make investments that bolster financial institutions and businesses, create jobs, and boost trade.

(Source: JIS)