The United Kingdom is on course to meet a pledge to mobilize £8 billion ($9.93 billion) of development finance annually, including private investment, three years early, according to a new study praising its “innovative” approach.
The Conservative government — attacked for its huge aid cuts since 2020 and for scrapping its development department the same year — is succeeding in catalyzing “new finance,” in particular by guaranteeing loans to lower-income countries by multilateral development banks, the Center for Global Development says in the report.
The report, published on Sept. 7, warns that “transparency around the UK’s guarantees is seriously lacking” and that British International Investment, or BII, the country’s main investment arm, should have a greater focus on fighting poverty.
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.
