Government Overseas Aid Commitment: Private Investment

Part of the debate – in the House of Commons at 4:39 pm on 9th October 2018.

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Photo of Penny Mordaunt Penny Mordaunt The Secretary of State for International Development, Minister for Women and Equalities 4:39 pm, 9th October 2018

As I mentioned, CDC has a long history. It has been around for 70 years, and over that time it has done many things. One of my right hon. Friends, a former Secretary of State, got CDC to change how it focused its investments. It is focused now on the poorest countries, and on Africa in particular, which is where the heavy lifting is still to be done. CDC still has some legacy investments in places such as Latin America and so forth, but it is primarily concerned with Africa. We need to dispel some of the myths about investing in such countries. We get good and very competitive returns on those investments, and I urge financial institutions and investors to look at the opportunities that exist in Africa and Asia.