Ms Margaret Beckett, the President of the Board of Trade in the British government, has announced that the Export Credits Guarantee Department's (ECGD) Overseas Investment Insurance (OII) scheme will be extended to encourage British companies to invest in some of the world's poorest countries.
This is part of the strategy announced in September 1997 by Mr Gordon Brown, the Chancellor of the Exchequer, at the Conference of Commonwealth Finance Ministers (the Mauritius Mandate) to promote sustainable development in the world's poorest and most indebted countries.
The government also aims to use the OII scheme to leverage as much private investment as possible. It will, therefore, be seeking participation from public and private sector insurers as well as from investors themselves.
ECGD's Overseas Investment...