Written question asked by Tony Baldry (Conservative) on Thursday, 14 October 2010, in the House of Commons. It was due for an answer on Monday, 18 October 2010. It was answered by Andrew Mitchell (Conservative) on Thursday, 21 October 2010 on behalf of the Department for International Development.

Commonwealth Development Corporation

Question: To ask the Secretary of State for International Development pursuant to the statement of 14 October 2010, Official Report, columns 505-06, on public bodies reform what the technical functions performed by the Commonwealth Development Corporation are; and what consideration was given to transferring it to the private sector.

Answer: Since 2004, CDC has operated as a Fund of Funds investment company, placing its capital with private equity funds, which in turn invest in promising businesses in the poorer developing countries. I believe CDC has the potential to be the jewel in the crown of the UK's support to the private sector in developing countries and at the forefront of the Government's approach to wealth creation.Private companies are answerable to their shareholders and focus on achieving the best possible return on their investment. By keeping CDC within public control we can ensure developmental returns are at the heart of their efforts, alongside financial returns.

Secondary information

Type: Written question
Reference: 18175; 516 c817-8W
Session: 2010-12
Related items: Public Bodies Reform
Thursday, 14 October 2010
Proceeding contributions
House of Commons
Subjects: CDC
Link: View this Written question on www.publications.parliament.uk