The United Kingdom’s development finance institution is getting an overhaul and is set to become a key foreign policy tool of the British government, investing in infrastructure and technology in Africa, Asia, and the Caribbean.
Last week, Foreign Secretary Elizabeth Truss made the surprise announcement that CDC Group is changing its name to British International Investment in April — a move that attracted criticism from some parts of the development sector.
Many observers interpreted the news from Truss, who talked about “building a network of liberty across the world” and “reliable and honest sources of finance,” as suggesting the move was made to compete with Chinese finance.