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.