The United Kingdom government has been told to explain why £250 million ($318.3 million) of its shrinking aid budget has been handed to its development finance arm for Ukraine reconstruction.
British International Investment, or BII, is being investigated by a parliamentary committee over “partnerships” with super-rich “elite” business leaders, often in middle-income countries, in fossil-fuel projects, or funneled through tax havens.
At last week’s Ukraine Recovery Conference, the U.K. allocated £250 million to BII for post-war rebuilding which — after inquiries by Devex — it acknowledged will come from the aid budget.