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Jesse Norman, UK's Minister of State for the Americas and the Overseas Territories and Jamaica's Finance Minister Dr. Nigel Clarke
British International Investment (BII) has renewed its financing relationship with the Caribbean.
The United Kingdom's development financing institution, formerly known as the Commonwealth Development Corporation, has earmarked billions in funds to support development in various areas.
Speaking at the re-launch event in Kingston on Tuesday morning, The UK's Minister of State for the Americas and the Overseas Territories Jesse Norman, said the organisation's return to the region was part of its strategy to aid sustainable development and growth.
"BII is a key part of our global plans to mobilise up to £8 billion a year of public and private sector investment by 2025. Through British international partnerships, which is the umbrella framing of which BII is an important part, we are seeking to leverage the fire power of the city of London and the capital markets in order to scale up financing for private sector development," Mr. Norman announced.
Jamaica's Finance Minister Dr. Nigel Clarke said the organisation's re-entry comes at a time when Jamaica is keen on various investment opportunities to become more resilient.
He said Jamaica will need "billions and billions of private investment" to accelerate its transition from fossil fuels to renewable energy, as the country pushes to reduce its reliance on imported commodities.
The BII's last stint in the Caribbean was more than 20 years ago.
The entity projects that more than 30 per cent of its investments will be geared toward climate smart financing.
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