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

No, I am sorry, but the hon. Lady is confusing two things. There are private funds completely separate from Government, including pension funds and other financial instruments, investing in Africa, and that is what we want them to do—[Interruption.] Well, we do not do enough of it. There is £8 trillion in the City that could be levered to that cause, so we do not do enough of that. The hon. Lady is confusing that with something else—namely, public funds and publicly owned investment vehicles such as CDC, the India Infrastructure Fund and the Private Infrastructure Development Group. Their profits, which are wholly public funds, have the potential to be used for years hence to count towards our aid.