CDC launch five-year strategy growth in Africa and South Asia
The new CDC’s strategy broadens its impact goals to include women's economic empowerment and climate change.
CDC, the UK's development finance institution, has launched a new five-year strategy that sets out how it will direct more investment into conflict and fragile states in Africa and South Asia.
The new five-year strategy, which will be launched by CDC's new CEO, Nick O'Donohoe, builds on recent successes and addresses important issues raised by previous independent audits, development NGOs, and the UK’s Parliament, according to a statement released on Thursday.
Under the new strategy, the CDC said it will continue to focus on creating jobs in Africa and South Asia, including conflict affected countries such as Democratic Republic of Congo and Sierra Leone.
The CDC also committed to maximising its development impact through new and innovative approaches that can transform whole sectors – for instance increasing access to affordable medicines and developing clean off-grid solar technology.
“Creating jobs and boosting prosperity in the poorest countries is a hallmark of Global Britain, furthering our national interests by developing our trading partners of the future,” said Lord Bates, UK’s Secretary for International Development.
“CDC uses its expertise to invest in growing businesses that can create more and better jobs, tackle poverty and reduce aid dependency. And this is fundamentally about people. By strengthening infrastructure, businesses and markets, CDC is helping individuals find work so they can feed their families and send their children to school.”
In the last 3 years, businesses backed by CDC in Africa and South Asia have created over three million new jobs and generated over $9 billion worth of local tax revenue, helping to support improvements in public services like health and education.
The new strategy keeps job creation at the heart of CDC’s mission, but broadens the organization’s impact goals to include women's economic empowerment and climate change.
The strategy also commits CDC to increased levels of reporting on investments and achievements, making more data available online, improving transparency and accountability.
“We have radically transformed CDC over the last 5 years to ensure their investments are targeted where they are needed most, and the new strategy reflects our shared ambitions for the organization to have the greatest impact for the world's poorest and deliver value for money for UK taxpayers," Bates said.
Founded in 1948, the CDC is the world’s oldest development finance institution. The organization’s portfolio of investments is valued at £3 billion as of 2015 and includes 1,293 investee businesses. Last year, CDC said these businesses together helped create 1.03 million new jobs.
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