The UK launches £500 million investment fund

UK Export Finance has revealed fresh data revealing that it supported projects in West Africa worth over £500 million in 2021, the biggest in over two decades.

The prime minister said at last week’s Africa Investment Conference that the UK is already one of Africa’s most important economic partners, but also noted that the UK is committed to doing much more. He insisted that it is a joint responsibility to ensure that Africa prospers from the green industrial revolution.

The conference is an annual showcase event aimed at bringing together British and African investors to collaborate on investment ideas. This year’s event drew over 3000 delegates, bolstering economic and investment connections between the UK and the continent.

UKEF, the government’s export credit agency, is also helping to expand exports to Africa, having granted £2.3 billion in support in the previous year, more than trebling the amount provided in 2018-19.

This has been used throughout West Africa on a variety of important infrastructure projects, including assisting in the construction of major roads and bridges, as well as supplying medical and IT equipment, architectural services, and environmental and social work.