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Committed funds to 58 investment fund managers and 123 investment funds.
Is supporting some 600 businesses employing almost one million people directly, supporting the lives of approximately four times that number indirectly, and paying an estimated £250 million in taxes and other charges to the local Governments each year.
I have decided to build on CDC’s success to date by approving new investment policy targets for the company. Under the new targets, for investment funds that CDC backs from January 2009 through to 31 December 2013 more than 75 per cent. of total investment by CDC over the period must be in low-income countries (those with an annual GNI per capita of less than US$905) and more than 50 per cent. must be in sub-Saharan Africa.
In addition, CDC will be able to invest up to £125 million in small and medium size enterprise funds in other developing countries during the five-year investment policy period. Investment funds to which CDC has already committed capital will continue to follow the investment policy targets prevailing when those commitments were made.
The Government recognise that the new investment policy targets alter the risk and return profile. An independent assessment found that sufficient unmet demand for investment capital in low-income countries exists to make the identified targets achievable and we want CDC to be at the forefront of investing in such countries.
Further, CDC’s greater concentration in low-income countries will strengthen its development impact both directly through increasing the supply of finance for business and indirectly through demonstrating that private sector investment is possible in underserved markets.
Establishing CDC’s new investment targets now comes at an important moment during the current financial turmoil. It is more important than ever that countries such as the UK demonstrate continued commitment to our development partners in poorer countries.
Alongside these new targets, I am also announcing the appointment of a new Chairman for CDC, Richard Gillingwater. Mr. Gillingwater has had a distinguished career in investment banking, was the first chief executive of the Government’s shareholder executive, and is Dean of Cass Business School. He will take over from Sir Malcolm Williamson who, after nearly five years, is stepping down as chairman. Sir Malcolm has made a major contribution in overseeing CDC’s substantial growth since the company’s 2003-04 reorganisation.
Duchy of Lancaster
Ministerial Responsibilities
The Chancellor of the Duchy of Lancaster (Mr. Liam Byrne): I have today published a revised edition of the “List of Ministerial Responsibilities” —November 2008. Copies have been placed in the Libraries of both Houses and the Vote Office.
The list can also be accessed at: http://www.cabinetoffice.gov.uk/ministerial_responsibilities/
Prime Minister
Cabinet Committees
The Prime Minister (Mr. Gordon Brown): Today I am publishing an updated Cabinet Committee list. This provides details of new Cabinet Committees which have been created since the last publication, including the National Economic Council. I have placed a copy of the new list in the Libraries of both Houses. The details are also available on the Cabinet Office website.
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