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UK’s Development-Finance Arm Plans $6 Billion African Investment

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The spending includes a $76 million contribution toward a planned fund being raised by Old Mutual.

The spending includes a $76 million contribution toward a planned fund being raised by Old Mutual.

Photographer: Waldo Swiegers/Bloomberg

British International Investment Plc, the UK government’s development-finance arm, plans to invest $6 billion over the next five years in Africa in areas ranging from renewable power and digital infrastructure to supporting women-owned businesses. 

The spending, which is part of a $10 billion global program, includes a $76 million contribution toward a planned $500 million fund being raised by Old Mutual Ltd.’s African Infrastructure Investment Managers that was announced on Wednesday.