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Volume 504: debated on Monday 18 January 2010

To ask the Secretary of State for International Development if he will make an assessment of the impact of the privatisation of CDC on achievement of his Department's development goals. (310297)

Between 1997 and 2003, the Department for International Development (DFID) reviewed several restructuring options for CDC, including privatisation. CDC remains in HMG ownership and the investment process of CDC was reformed in 2004. All CDC funding is now channelled through investment funds that invest in the creation and growth of viable business in poorer developing countries.

A report by the National Audit Office (NAO) in 2008 concluded that

“by achieving the strong financial results that it has, CDC will have made a credible contribution to economic development in its target countries while also encouraging other foreign investors to engage with them”.

Through this contribution to economic growth the CDC has continued to contribute to the Department for International Development's (DFID's) goal of long-term poverty reduction.