International Development Funding

Part of Oral Answers to Questions — International Development – in the House of Commons at 11:30 am on 5 November 2008.

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Photo of David Taylor David Taylor Labour, North West Leicestershire 11:30, 5 November 2008

Actis Capital, the opaque private equity company created in 2004 to invest the then Commonwealth Development Corporation's funds, made $50 million profit in 2007 from sources such as a financial services company in South Africa and a hotel chain in China. How satisfied is my right hon. Friend with Actis's use of public money at a time when aid budgets are under such pressure? Could it not be put to far better use in agriculture, health, education and infrastructure projects in the developing world?