PM hosts first ever UK-Africa Investment Summit in London

Sunday, 19 January 2020 22:30

PM calls for UK to be the ‘investment partner of choice’ for African countries Summit will generate new opportunities in Africa for businesses across the UK PM announces the Government will no longer provide any direct support for thermal coal mining or coal power plants overseas Prime Minister Boris Johnson will make the case for the UK as the ‘investment partner of choice’ for African countries at a major investment summit in...Request free trial

PM calls for UK to be the ‘investment partner of choice’ for African countries
Summit will generate new opportunities in Africa for businesses across the UK
PM announces the Government will no longer provide any direct support for thermal coal mining or coal power plants overseas

Prime Minister Boris Johnson will make the case for the UK as the ‘investment partner of choice’ for African countries at a major investment summit in London today.

He will say the UK has unique expertise and innovation in technology, clean growth, infrastructure and finance which can feed the continent’s demand for sustainable growth.

The UK-Africa Investment Summit, hosted by the Prime Minister, will bring together 21 African countries with UK and African companies. This is the first time governments and businesses from the UK and Africa have come together for an event of this scale.

Deals worth billions of pounds will be announced at the Summit. These will drive jobs and growth in all parts of the UK and in Africa, benefitting a range of British companies from family firms to major multinationals. All new investments will reflect the Prime Minister’s commitment to build long-term, sustainable relationships in Africa underpinned by our values and high standards.

The Prime Minister will use his opening speech to illustrate this modern partnership with examples of UK businesses like Dorset-based Low Energy Designs, which is installing smart street lighting across Nigeria, Northern Irish firm Lagan which has won the contract to build a business park in Uganda, and Diageo which is investing £167 million to build a state of the art, environmentally friendly breweries in Kenya and wider East Africa.

At the Summit, the Prime Minister will announce an end to UK support for thermal coal mining or coal power plants overseas, ending direct Official Development Assistance, investment and export credit.

This announcement forms part of the UK’s wider commitment to use its expertise and experience to help Africa transition away from fossil fuels towards renewable, sustainable forms of clean energy. In 2019 the UK went a record 83 days without generating electricity from coal. The UK was also the first major economy to set a legally binding target to reach net zero emissions by 2050 and Glasgow will host the COP UN Climate Change Summit later this year.

The Prime Minister will meet the 16 African leaders attending the Summit including President Sisi of Egypt, President Kenyatta of Kenya, President Buhari of Nigeria, President Akufo-Addo of Ghana and President Kagame of Rwanda, and African business leaders including CEO of Standard Bank Gert Vogel and CEO of Investec Hendrik Du Toit. He will also meet prominent UK business leaders including the CEO of Vodafone Nick Read, CEO of BP Bernard Looney, CEO of Standard Life Aberdeen Keith Skeoch, CEO G4S Ashley Martin Almanza, CEO of Associated British Foods George Weston, and CEO of the London Stock Exchange Group David Schwimmer.

The Prime Minister will also visit the Summit’s ‘Business and Innovation Hub’, where he will meet young entrepreneurs from the UK and Africa and try out examples of their creative technology that is improving lives across the world.

The Summit will involve a number of sessions with speakers from government and business in the UK and Africa. Foreign Secretary Dominic Raab, Development Secretary Alok Sharma, Trade Secretary Elizabeth Truss and Business Secretary Andrea Leadsom will also be representing the UK Government.

On Monday evening the Prime Minister, African Heads of State and Government and a number of British and African business leaders will attend a reception at Buckingham Palace hosted by the Duke of Cambridge.

Notes to Editors

Leaders attending the Summit are: President Ouattara of Cote D’Ivoire, President Tshisekedi of the Democratic Republic of Congo, President Sisi of Egypt, President Akufo-Addo of Ghana, President Conde Minister El Othmani of Morocco, President Nyusi of Mozambique, President Buhari of Nigeria, of Guinea, President Kenyatta of Kenya, President Mutharika of Malawi, President Ghazouani of Mauritania, Prime Minister Jugnauth of Mauritius, Prime President Kagame of Rwanda, President Sall of Senegal, President Bio of Sierra Leone and President Museveni of Uganda. The Chairperson of the African Union Moussa Faki will also attend.

DfID news release - Embargoed to 00:01 Monday 20 January

UK aims to be Africa’s partner of choice for trade and investment

UK Government supports huge boost to UK investment in Africa, as UK-Africa Investment Summit is held in London.
Programmes will boost green energy use, digital skills and jobs for women, improve basic trade infrastructure and encourage private sector investment in Africa.
In the lead up to the Summit £6.5 billion of commercial deals have already been signed by British companies to deliver jobs, growth and investment across the UK and Africa with deals worth billions more expected to be made during the course of the day.

The UK is strengthening its economic partnerships with African nations, as part of a Government drive to ensure the continent’s growing demand for investment is met by the UK’s expertise and innovation.

Programmes from the Department for International Development (DFID) and the Department for International Trade (DIT) will boost clean energy supplies, digital networks, and jobs and business opportunities for women, as well as improving trade infrastructure.

They are also expected to mobilise billions of pounds in private sector investment for Africa, marking a new era of trade between the UK and Africa.

Africa has 8 of the world’s 15 fastest growing economies and there is huge demand on the continent for clean, sustainable and innovative investment. As home to some of the world’s most enterprising technologies and the financial centre of the world in the City of London, the UK is perfectly placed to meet that demand and be the continent’s investment partner of choice.

DFID’s programmes, totalling £370 million, include:

Supporting African countries to meet their rapidly growing energy demands through green energy, including better access to solar energy and electricity.
Helping Africa thrive digitally through a £45 million programme helping young Africans, especially women, access the internet, develop digital skills and find jobs.
Enabling at least 100,000 more women in Africa to secure high-quality jobs by funding their education and training.
A £200 million programme to help build basic trade infrastructure in southern Africa. The new programme will support upgrades to border posts, ports and roads. It will also work with governments and businesses to improve trade policies and cut red tape.
Boosting the flow of private investment into African projects supporting girls’ education, healthcare and climate resilience.

Two joint DFID-DIT programmes, totalling £57 million, includes:

A £37 million programme to help businesses, trade with and invest across Africa.
A £20 million programme that will support businesses in developing countries to increase trade with international markets.

A separate Climate Finance Accelerator programme, worth £10 million from the Department for Business Energy and Industrial Strategy (BEIS), will help developing countries reduce emissions by attracting more foreign investment and helping to build renewable energy sources, like wind farms.

The announcement comes as British and African firms announce £6.5 billion worth of commercial deals today, including:

A £25 million investment by Matalan in Egypt to launch 11 new shopping outlets.
GSK, who are investing a further £5 million in their operations in Egypt.
Diageo’s £167 million investment in Kenya and East Africa to support sustainability of breweries.

To date, the UK has signed trade agreements with 11 African countries, covering 43% of the UK’s total trade with Africa and legislated for a trade preferences scheme with a further 35 African countries, with the ambition to build and deepen existing agreements in the future.

International Development Secretary Alok Sharma said:

“Africa’s economic potential is huge, with eight of the world’s 15 fastest growing economies and a population set to double to over 2 billion by 2050.

“We have much to offer African nations - UK aid is tackling climate change and supporting women entrepreneurs, our tech and digital expertise is helping Africa grow new industries and the City of London is channelling billions of private investment into Africa, boosting jobs and growth.”

“This Summit is a major step in unlocking the UK’s unique offer, becoming Africa’s investment partner of choice and benefiting people and businesses across the UK and Africa.”

International Trade Secretary Liz Truss said:

“Trade with countries across Africa has never been more exciting. As opportunities there grow, it’s great to see so many British firms paving the way in trading and investing in the region to drive growth, create jobs and boost vital infrastructure.

“We want the UK to be the investment partner of choice for African businesses and their governments. Our world-leading expertise in finance, tech, and innovation should make us the obvious choice and mark the UK and Africa out as natural partners for mutual prosperity.

“The deals announced today show the massive potential of UK-Africa trade and the investment programmes we’re launching will ensure UK and African businesses are able to capitalise on trade and investment opportunities, now and in the future.”

Further information

Notes to Editors

For details on the UK-Africa Investment summit click here
More information on the DFID announcements:

- A £38 million boost to its Climate Compatible Growth Fund to support African governments to use UK expertise to expand their electricity networks, develop cleaner technologies and hire clean energy experts.
- A new £45m Digital Access programme to help some of the most marginalised communities across Africa access the internet and increase their digital skills.
- A £2 million programme to help women in developing countries secure high quality jobs, funding their education and trading. A further £6.1 million will go to Work Opportunities for Women which supports businesses to improve economic opportunities for women, helping support at least a further 100,000 women until 2024.
- A Regional Trade Programme of up to £200 million will support Southern African countries to boost their economic growth through trade. It will support upgrades to essential trade infrastructure and work with governments and businesses to improve trade policies and cut red tape. It will improve opportunities for African and UK firms to invest, trade, and grow across Southern Africa.
- A new £79 million package to support private investors to put money into development projects in Africa.
More information on the joint DFID-DIT announcements:

The £37million Growth Gateway programme will provide dedicated business support service for Africa. It will help businesses, including from Africa and the UK, to trade with and invest across Africa. The programme will also help African firms find new UK partners.
The Trade Connect programme will provide £20 million over 5 years to increase exports from Africa to the rest of the world, providing direct support and advice to African businesses operating internationally and helping them make the most of their preferential market access to the UK. It will also support UK firms to source more quality, competitively priced products from Africa.