British International Investment (BII) has committed $65 million to projects in Zambia and Zimbabwe, marking the start of its new five-year strategy in these frontier markets. This initiative reflects BII’s role as the UK’s development finance institution, aiming to support economic growth and sustainability in emerging economies.
The funding includes a $15 million investment in Zambia’s Zanaco bank, anchoring its $100 million Sustainability Bond Programme. This is the country’s first bank-issued sustainability bond, financing climate-resilient agriculture, renewable energy, SMEs, women-owned businesses, and social infrastructure. BII has been working closely with Zanaco since 2023 to develop this programme, providing technical assistance to strengthen its sustainable finance framework, build a pipeline of green financing opportunities, and improve environmental and social standards.
In Zimbabwe, BII provides a $50 million facility to Central Africa Building Society (CABS) and NMB Bank through its Zimbabwe Agriculture Finance Programme. This initiative combines long-term lending and trade finance to address financing gaps in the agriculture sector, supporting businesses investing in productive assets and equipment imports. The programme also includes technical assistance to enhance environmental, social, and climate risk management within Zimbabwe’s banking sector.
BII’s strategy focuses on partnerships with local institutions and technical assistance. Chris Chijiutomi, Managing Director and Head of Africa at BII, stated, We are expanding access to long-term finance, strengthening capital markets, and helping businesses invest, trade, and grow.
These efforts are designed to create conditions that attract more private capital, with around 40% of the bond programme’s capital in Zambia expected from non-development finance institution investors.
BII’s approach builds on its previous initiatives, such as the Horizon platform, which includes programs in Sierra Leone, Nepal, and Ghana. These initiatives focus on improving investment readiness and addressing local ecosystem constraints, ensuring that investments have a lasting impact.
In Zambia, BII’s Horizon Zambia program builds on a pilot that supported 15 SMEs and facilitated $8 million in investments. The program provides technical assistance to businesses, helps investors identify opportunities, and supports investment through policy engagement and strategic partnerships. This country-focused approach is part of BII’s wider Horizon platform, which also includes the Africa Resilience Investment Accelerator, aimed at developing investment pipelines across frontier markets.
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