British International Investment facts for kids
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| Government-owned public limited company | |
| Industry | Development finance institution |
| Founded | 1948 |
| Headquarters | London, United Kingdom |
| Products | Invests equity and debt directly and through funds. |
British International Investment plc (BII) is a special organization owned by the UK government. It used to be called CDC Group plc. BII acts like a bank that helps businesses grow in developing countries. Its main goal is to create jobs and improve lives in places like South Asia and Africa. The UK government's Foreign, Commonwealth and Development Office is in charge of BII.
Contents
History
How BII Started
BII began in 1948. It was first called the Colonial Development Corporation. Its main job was to help British colonies develop their farming and other industries.
Later, many colonies became independent countries. So, in 1963, the organization changed its name to the Commonwealth Development Corporation. It was then allowed to invest in countries outside the Commonwealth too.
In 1999, a new law changed the Commonwealth Development Corporation into a public limited company. This new company was named CDC Group plc. Even though it became more like a regular business, the UK government still owned all of its shares.
Changes and Focus
For a while, CDC Group plc stopped making direct investments in businesses. Instead, it invested in other funds that then invested in companies. During this time, it grew a lot, helping nearly 1,000 businesses in 70 developing countries. These businesses created many jobs and paid a lot in taxes.
However, some people had concerns that CDC was focusing too much on making profits and not enough on helping poor communities.
New Direction
Because of these concerns, the UK government decided to change CDC's direction. In 2010, they announced a plan to make CDC focus more directly on development.
By 2011, CDC had a new plan. It started investing directly in businesses again. It also focused its investments on poorer countries, especially in South Asia and sub-Saharan Africa.
Becoming British International Investment
In November 2021, the UK government announced another big change. CDC Group plc was renamed British International Investment (BII) in 2022. This change was part of a plan to strengthen economic ties globally. The goal was to increase investments to help economies grow in Asia, Africa, and the Caribbean.
Some groups that work with charities and workers had concerns about this change. They worried that BII might focus too much on making money instead of helping people escape poverty. However, the UK government stated that BII's purpose is to support free-market economies and build strong partnerships around the world.
See also
- Development Finance Institution
- Actis Capital
- Crown Agents
- UK Export Finance
- UK Government Investments
