§ Mr. KhabraTo ask the Secretary of State for International Development if she will make a statement on the Commonwealth Development Corporation's recently published annual report. [160732]
§ Clare ShortFor the year 2000, CDC made a pre-tax operating surplus of £72.3 million. However, after provision on its investment portfolio of £133.4 million it made an overall loss of £61.1 million before tax (£51.5 million after tax).
With regard to its investment policy in the year 2000, CDC exceeded the target of directing 70 per cent. of investments by value to poorer countries. However, in 2000 it again did not meet the aim of directing 50 per cent. of its investments by value to Sub-Saharan Africa and South Asia. CDC is focused on meeting this aim in 2001.
CDC made important progress during last year to establish the basis for a beneficial public-private partnership that will demonstrate that it is possible for private investors to make adequate returns in poor countries in a socially responsible way.
Copies of CDC's annual report and accounts have been placed in the Library of each House.