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Future of CDC

Diaspora communities may be interested in developing businesses that connect between, for example, the UK and Pakistan. They may need advice, support and technical assistance, and they sometimes need access to investment funds to start up a business. There may be areas where they can do that themselves, but my essential point is that opportunities are being missed. We do not want to duplicate or squeeze out direct investments to help families, but second and third-generation British citizens with links to their countries of origin are increasingly interested in investment in and support for business rather than direct support to family members. It is important that CDC looks at opportunities for such investment, which is different from the traditional support to families and friends because it involves putting money into businesses in their home country or city, or the area where they come from. CDC's business plan, which follows the various reports, including that of the International Development Committee and the Government response, is welcome, as is the general thrust of its focus on economic development, including its fund-to-fund focus, and on poverty alleviation, but we must look closely at where CDC goes next and how it implements the overall vision that it has set for itself, recognising the many issues that have been raised. Those issues include internal practices and how CDC is perceived by the public. Hon. Members have acknowledged that there are still concerns and reputational issues about how CDC is perceived to be using resources, remuneration packages, pay and so on, and how its money is spent. The public deserve the best value for money, as well as transparency and accountability, so that our investments create a genuine space for others to follow. In areas where CDC invests, it creates new opportunities for others to follow, and it acts as a trailblazer and a catalyst. That is the ethos that we all want CDC to achieve. We all want it to succeed. I again commend the work of the International Development Committee and look forward to seeing CDC thrive and succeed in increasing investment in developing countries, in helping to reduce inequality through economic growth and in making its contribution to reducing poverty.