UK Government announces major investments to Africa ahead of UK-Africa Summit

Accra, Jan. 20, GNA – The United Kingdom
(UK) government has announced an investment support package to back African
transformation ahead of the UK-Africa Investment Summit.

The investment will be through the UK
government’s support to the City of London to mobilse funds to African
countries under initiatives to generate billions of pounds for private sector
investment.

The announcement comes as African
governments and business leaders arrive in London ahead of Monday’s UK-Africa
Investment Summit.

In a statement copied to the Ghana News
Agency by Alok Sharma, International Development Secretary of UK, said:
“Africa’s substantial investment potential is clear, with many African
countries outstripping global economic growth in recent decades.

“The UK is already the top financial
exchange for Africa’s businesses and we want investors to seize the exciting
opportunities that Africa offers.

“These new initiatives, announced ahead of
the UK-Africa Investment Summit, will make it easier, greener and more secure
to invest in Africa, mobilising billions of pounds of sustainable investment to
help end poverty.”

The statement further stated that the three
initiatives to be undertaken by the UK government to facilitate investment into
Africa included the UK Financial Sector Deepening Platform, the New Investment
Fund and IFC Cross-Border Risk Facility.

The UK Financial Sector Deepening Platform
comprising a £320million UK aid will run over the next five years, supporting a
further 22 million people and 3.9 million small businesses across 45 countries
in Africa, including giving them access to mobile banking for remote
communities.

The New Investment Fund, a new collaboration
with the City of London will identify and develop new listed investment
products which boost development in poorer African nations, with up to
£45million UK aid support.

The IFC Cross-Border with an expected
investment of £30million will help to build the market for local currency
finance ensuring that international financial markets work better for the needs
of developing countries and generate new opportunities for UK-based investors.

GNA