20 minutes with Leslie Maasdorp, British International Investment

Background and Mission

Leslie Maasdorp, newly appointed CEO of British International Investment (BII), brings a unique blend of public and private sector leadership to one of the world’s oldest development finance institutions, founded in 1948. With deep professional roots in the South African government during its democratic transition, Leslie later held senior roles in global finance—including Vice Chairman at Barclays Capital, President of Bank of America Merrill Lynch South Africa, and CFO of the New Development Bank (BRICS Bank) in Shanghai. Now at the helm of BII, he is tasked with redefining the institution’s role amid growing uncertainty around the future of development finance.

A Renewed Strategic Direction

Under Leslie’s leadership, BII is sharpening its strategic focus across three core pillars:

• Deepening Focus in Frontier Markets: Prioritising investments in low-income and fragile contexts where commercial capital is hesitant. BII’s long-term, patient capital approach allows it to deploy resources in countries often overlooked by short-term investors.
• Scaling Climate Ambition: As the UK Government’s leading vehicle for climate finance, BII aims to help countries build resilient infrastructure to withstand the growing impacts of the climate crisis. Investments target not only mitigation (renewables, storage) but also adaptation and resilience areas historically underfunded.
• Catalysing Private Sector Capital: BII leverages its capital to mobilise additional private investment, using de-risking mechanisms such as guarantees, blended finance, and concessional structures. A recent £100 million Mobilisation Facility and partnerships with entities like GuarantCo aim to unlock over £500 million in new investment.

Green Infrastructure and Digital Connectivity

BII is making bold new commitments in green infrastructure and digital transformation across Africa and South Asia:

• Green Energy Transitions: From Vietnam to Egypt, BII is helping nations move towards clean, affordable energy. Notable projects include:
  • The Kenhardt solar and battery storage facility in South Africa one of the world’s largest hybrid systems.
  • A $300 million investment in Egypt to accelerate its green growth and energy transition.
• Digital Infrastructure for Inclusive Growth: In countries like Ethiopia, where outdated telecom infrastructure limited access and affordability, BII partnered with Vodafone to introduce a second mobile operator. As a result, mobile data costs fell by 70%, expanding connectivity and enabling inclusive digital growth.

Resilience in a Tighter Fiscal Environment

With declining government contributions and a shrinking aid budget, BII is adapting by maximising value through its self-financing model. The institution seeks to do more with less by crowding in private sector partners and enhancing project preparation to improve investment risk-return profiles. This approach ensures both developmental impact and financial sustainability remain central to BII’s operating ethos.

Leadership and Metrics

Leslie reaffirms BII’s founding ethos: “to do good without losing money.” The impact framework at BII asks three key questions of every investment: What is the intended impact? Who benefits? And what is BII’s unique contribution?

Metrics prioritised by BII include:

• Carbon emissions reductions
• Access to affordable services (e.g., telecom/data)
• Scale of private capital mobilised
• Improved productivity, sustainability, and inclusivity

Each deal is assessed individually and at the portfolio level to ensure accountability and alignment with broader development goals.

Transparency and Accountability

BII was recently recognised as one of the world’s most transparent bilateral DFIs. Leslie attributes this to deliberate efforts to enhance data accessibility and responsiveness, including collaboration with Publish What You Fund to create a transparency roadmap. As a public institution accountable to Parliament, BII sees openness not only as a compliance issue but as a pathway to improved effectiveness and shared learning.

Interested in finding out more?