The UK’s Department for International Development (DfID) is to invest an extra £735m over the next three years into the CDC Group, the British development finance institution that specialises in private sector funding.
DfID is increasingly targeting private sector investment, which the international development secretary Justine Greening has said will help to end aid dependency in poor countries.
“There is clear evidence to show that economic development is the only way we can ultimately defeat poverty,” Greening said in a written ministerial statement.
The investment, which marks Britain’s first capital injection into CDC for two decades, will be taken out of DfID’s existing budget, which is £10.04bn in this financial year. The department will transfer £450m this year and £285m in the 2016/17 financial year.
Continue reading at: The Guardian
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