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Global Challenges Initiative

The Cambridge Strategic Research Initiative for the Sustainable Development Goals (SDGs)

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International Development Secretary sets out UK commitment to jobs and prosperity in the world’s poorest countries

last modified Nov 01, 2017 02:55 PM
The International Development Secretary Priti Patel has today provided details on how the UK will create millions of jobs and to help accelerate the economic growth that can to lift countries out of poverty, through a continued commitment to the UK’s Development Finance Institution.

At the World Bank Annual Meetings in Washington, Ms Patel set out the next step in DFID’s commitment to the growth of CDC, following the passing of the CDC Act earlier this year which increased the total limit of capital which the UK could invest in CDC. This capital increase will average up to £703 million per year for the next five years, enabling CDC to make pioneering investments that create millions of jobs in the hardest to reach markets.

CDC invests in the poorest and most fragile countries in Africa and South Asia. It introduces much-needed capital, expertise and support to thousands of businesses – including power stations, farms and factories – in 74 countries, creating millions of jobs, generating essential taxes, and strengthening transformational sectors such as infrastructure, manufacturing and agriculture.

Over the last 3 years, companies backed by CDC in Africa and South Asia have created over 3 million new direct and indirect jobs and paid taxes to national governments worth over $9 billion. This new capital will enable CDC to build on these excellent development results, sustain the increased investment pace reached over the last 5 years, respond to growing demand from businesses, and achieve the ambitious development impact set out in their 5-year strategy.

CDC’s successful investments demonstrate to private investors the opportunities that exist, even in the most difficult places. This leads the way for other investors to follow, mobilising capital from a much larger pool of private investors.

 

For further details, please see the source article here.

The Global Challenges Initiative is a Strategic Research Initiative of the University of Cambridge that aims to enhance the contribution of its research towards addressing global challenges and achieving the Sustainable Development Goals (SDGs) by 2030.

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