The United Kingdom’s controversial development finance arm lacks “a clear poverty focus,” and its excessive lending to middle-income countries must be capped, a highly critical parliamentary report has stated.
British International Investment came under fire for placing 28% of its 2021 investment portfolio in India — while only a single “fragile and conflict-affected state,” Nigeria, received more than 1%.
The report, published by the parliamentary International Development Committee on Sept. 15, set a six-month deadline for the U.K. government to announce a “cap” on BII investments in middle-income countries to “better distribute” its funds.
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About the author
Rob Merrick
Rob Merrick is the U.K. Correspondent for Devex, covering FCDO and British aid. He reported on all the key events in British politics of the past 25 years from Westminster, including the financial crash, the Brexit fallout, the "Partygate" scandal, and the departures of Boris Johnson and Liz Truss. Rob has worked for The Independent and the Press Association and is a regular commentator on TV and radio. He can be reached at rob.merrick@devex.com.
