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Topical Questions

Part of International Development – in the House of Commons on 6th June 2019.

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Photo of Rory Stewart Rory Stewart The Secretary of State for International Development

Having gone party political, I will now say that I am very happy to reach out and talk about this matter. Clearly, finance is key for development and the City of London is one of the major players. If we can get the right kind of capital into Africa, for example—where there is a huge amount of labour, with 18 million people a year coming on to the labour force—and get that capital connected, we can transform those economies, but we can do so only if these are good loans. The problem at the moment is that too much money has gone in that has not been invested in infrastructure or productivity, but which has instead found its way into some rather dubious bank accounts. It is in the interests of Britain, the City, the Government and the whole nation to ensure that the financing we put into development really drives development. I would be delighted to sit down and discuss this with the hon. Gentleman.