PARLIAMENTARY WRITTEN QUESTION
CDC: Investment (22 July 2020)

To ask the Secretary of State for International Development, what assessment she has made of the compatibility of CDC Group investments in luxury brands and hotel chains with its mission statement to make a lasting difference to people’s lives in some of the world’s poorest places.

Asked by:
Navendu Mishra (Labour)

All of CDC's investments undergo a comprehensive and systematic assessment of their expected development impact using internationally recognised best practice methods. A team of over 60 development specialists work to ensure that each investment brings about a positive economic, social and environmental change in support of the UN's Sustainable Development Goals.

CDC invests to support the growth of companies that create employment and help transform economies, through the goods and services they produce and sell and the local taxes they generate. In 2019, CDC invested in businesses in Africa and South Asia that employed 875,790; generated 57 terawatt hours of electricity; and its agricultural investments sourced from 1.84 million farmers.

Africa needs increased economic infrastructure to unlock its full economic potential and achieve the Sustainable Development Goals. CDC's primary aim when investing into the hotel sector is to create more and better jobs in countries that desperately need them. In addition, these investments support both local and national economic growth. For example, by purchasing goods and services from local suppliers, and by improving economic infrastructure.

Information about CDC's approach to assessing and monitoring the development impact of its investments is available on its website.

Answered by:
Sir James Duddridge (Conservative)
1 September 2020