§ Baroness Howells of St. Davidsasked Her Majesty's Government:
What response they will make to the Commonwealth Development Corporation's recently published annual report. [HL2108]
§ Baroness AmosFor the year 2000, the Commonwealth Development Corporation (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 the 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 the House.