Africa: Financial Services

Foreign, Commonwealth and Development Office written question – answered on 25th March 2021.

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Photo of Anna McMorrin Anna McMorrin Shadow Minister (International Development)

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what the value of CDC Group's support is for (a) Africa Finance Corporation, (b) Afrexim Bank and (c) the Trade and Development Bank; and what the value of funding provided by those institutions for the Gisagara peat-burning power plant in Rwanda was.

Photo of James Duddridge James Duddridge Parliamentary Under-Secretary (Foreign, Commonwealth and Development Office)

In 2019, the banks and other financial institutions supported by CDC lent $34 billion to businesses across Africa and South Asia. This economic activity supported the jobs of an estimated 1.88 million workers.

CDC has trade finance facilities with Afrexim Bank ($100 million) and the Trade and Development Bank ($75 million). In addition, CDC has provided three loans to the Trade and Development Bank ($200 million in total). CDC's capital, through both Afrexim and Trade and Development Bank, is enabling trade in critical goods as well as supporting broad economic growth across Africa. In 2010, CDC made an investment commitment to European Financing Partners IV ($32.6 million) which has a small exposure to the Africa Finance Corporation.

CDC was not a party in any funding provided by the listed institutions to the Gisagara power plant.

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