British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, announced its plan to invest $100 million in local startups. The DFI, which was formerly known as CDC Group, also reaffirmed its commitment to strengthen its partnership with Egypt and increase climate finance to support the country’s green growth.

As part of BII’s ambition to bolster Egyptian VC, the DFI announced new commitments to Algebra Ventures and Endure Capital, local VC firms. Both VC firms support and partner with promising early-stage businesses to build transformative companies across sectors such as fintech, AgriTech, EdTech, logistics, and healthcare.

British International Investment will also host the ‘Innovation for Impact’ summit – an event dedicated to VC in emerging markets. The summit, will bring together local VC managers from across Africa and Asia, aims to help foster new relationships and greater collaboration across markets; explore important themes such as climate tech and food security; facilitate knowledge sharing across BII’s portfolio, and share the best practice on ESG and impact measurement.

As the UK’s main vehicle for climate finance investments and the largest bilateral DFI in Africa, BII is committed to broadening its partnership with the Egyptian Government to develop a blueprint addressing Climate Adaptation and Renewable Energy (CARE) for powering energy-intensive water infrastructure.

BII has commitments of over $760 million in Egypt and its direct and indirect investments in the country span several critical sectors such as clean infrastructure and energy, healthcare, manufacturing, and financial services.

Also read: Endure Capital announces the first close of its new $50m fund