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Liz Truss is revamping development finance to allow more countries dependent on cash from brutal regimes to replace it with UK-backed funding for infrastructure projects. It will also create new British jobs in construction and engineering, with the North and Midlands expected to particularly benefit from contracts on environmentally-friendly projects.
The reform is part of the Government’s “network of liberty” strategy to strengthen ties between free-market economies and the developing world.
Ms Truss will launch the British International Investment by ringing the market-opening bell at the London Stock Exchange this morning.
Around £1billion of government cash and £8billion of private finance will be generated by 2025.
The Union Flag will be stamped on financing for schemes across southern Asia and the Caribbean ‑ as well as Africa, which has been the traditional focus.
Developing countries will be top of the list for funding towards infrastructure and green technology. The Foreign Secretary said: “When freedom-loving democracies invest in infrastructure and supply expertise, it makes countries freer, wealthier and more secure.
“This is a win-win. It benefits Britain by creating jobs and opportunities for our people.
“And it helps grow economies across Asia, Africa and the Caribbean while drawing them closer to free-market democracies and building a network of liberty.”
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