Department for International Development: investing through CDC Contents

Introduction

The Department for International Development (the Department) aims to reduce poverty in part by promoting economic development and global prosperity in the developing world. CDC Group plc (CDC) is the Department’s principal mechanism for encouraging private sector investment in developing countries. CDC is a private company wholly owned by the Secretary of State for International Development. CDC’s mission is to “support the building of businesses throughout Africa and South Asia, to create jobs and make a lasting difference to people’s lives in some of the world’s poorest places”.1 In July 2015, the Secretary of State for International Development approved the business case for a £735 million recapitalisation of CDC to provide further funding for CDC to invest in new projects. The Commonwealth Development Corporation Act 2017, enacted after we took evidence, increases the existing limit of government funding for CDC of £1.5 billion to £6 billion.


1 CDC Group plc, Annual Accounts 2015, accessed 20 April 2017




24 April 2017