§ Mrs. SpelmanTo ask the Secretary of State for International Development if she will make a statement on the performance of the CDC Capital Partners. [34654]
§ Hilary BennCDC met all the Investment Policy targets in 2001. When it is available, I will place a copy of the audited annual report and accounts for 2001 in the Library of the House.
§ Dr. TongeTo ask the Secretary of State for International Development, pursuant to her answer of 17 December 2001,Official Report, column 5W, how many of the investments made in poorer countries by the CDC were investments made in countries in sub-Sahara Africa in the years from 1998 to 2000; and if she will break these investments down by country. [34328]
§ Hilary BennThe information is as follows:
- 1998–41 out of 72 investments;
- 1999–34 out of 60 investments;
- 2000–26 out of 60 investments.
This breaks down, by country, as follows.
576W
1998 1999 2000 Malawi 4 4 1 Mozambique 3 2 1 Zambia 3 3 2 Zimbabwe 4 3 1 Kenya 5 4 4 Tanzania 11 6 9 Uganda 5 2 1 Swaziland 2 3 2 Cote d'Ivoire 1 2 2 Ghana 2 5 2 Nigeria 0 0 1 Sierra Leone 1 0 0
§ Dr. TongeTo ask the Secretary of State for International Development, pursuant to her answer of 17 December 2001,Official Report, column 5W, how many private equity funds were jointly managed by the CDC in the years from 1996 to 2000, broken down by country. [34315]
§ Hilary BennBetween 1996 and 2000 CDC did not jointly manage any private equity funds. In 2001 CDC formed a joint venture fund management company with Norfund, creating Aureos Capital. A series of country funds which hitherto had been solely managed by CDC were rolled up as part of Aureos Capital and are now jointly managed. These funds and their country of origin are shown as follows.
- 1996—10 funds (Papua New Guinea, Ghana, Tanzania, Mauritius, Zambia, Sri Lanka, Zimbabwe, Kenya, Central America, South Africa)
- 1997—11 funds (as in 1996, plus Pacific islands)
- 1998—13 funds (as in 1997, plus Mozambique and a second fund in Tanzania)
- 1999—15 funds (as in 1998, plus Indian ocean and Caribbean)
- 2000—15 funds (as in 1999, plus China, minus South Africa).
§ Dr. TongeTo ask the Secretary of State for International Development, pursuant to her answer of 17 December 2001,Official Report, column 5W, how much was invested in the private equity funds which are jointly managed by the CDC in (a) 1998, (b) 1999 and (c) 2000 broken down by country. [34327]
§ Hilary BennNo private equity funds were jointly managed by CDC in the years concerned. A series of country funds which CDC had managed on its own became jointly managed with Aureos Capital in 2001. Information giving an exact breakdown of the amount invested in each of these funds in 1998, 1999 and 2000 is not centrally available.
§ Dr. TongeTo ask the Secretary of State for International Development, pursuant to her answer of 17 December 2001,Official Report, column 5W, on the Commonwealth Development Corporation, whether the jointly managed series of private equity funds are subject to the same targets of 70 per cent. of new investments being made in poorer countries and 50 per cent. being made in sub-Sahara Africa. [34329]
§ Hilary BennYes. The targets do not apply to each fund separately, but to the total of CDC's activities.