§ Mr. Peter BradleyTo ask the Secretary of State for International Development what assessment her Department has made of the development benefit to Belize of its investment in the hydro-electric power project in 1994–95. [101744]
§ Clare ShortNone. Responsibility for assessing the development value of its investments rests with CDC's board.
§ Mr. Peter BradleyTo ask the Secretary of State for International Development if the Commonwealth Development Corporation's investment in the Belize hydro-electric project in 1994–95 meets the criteria for 581W investment currently in operation; and what value for money assessment her Department has made of the project. [101738]
§ Clare ShortThe investment in Belize Electricity Company was made according to conventional project financing criteria, fully meeting CDC's criteria at the time. These took into account the internal rate of return, the continuing capacity of the business to service the debt, and an analysis of key risk factors. CDC is now moving away from senior debt into equity investment.
Responsibility for assessing the value for money of individual investments rests with CDC's board. DFID's interest is not at project level but in the performance of CDC in meeting overall agreed targets.
My Department has not carried out a value for money assessment of the project.