World Bank: Selection Process for President
Debate between Baroness Couttie and Lord Bates(5 years, 9 months ago)
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Lord Bates
That is the process that is under way at the moment. The only formal candidate to have been nominated currently—Under-Secretary Malpass—is in London today to meet the UK Governor of the World Bank, the Secretary of State for International Development. She is making very clear the importance we attach to the World Bank’s commitments, particularly in relation to climate change.
Baroness Couttie (Con)
My Lords, does my noble friend the Minister agree that the recent announcement that Norway’s sovereign wealth fund, currently valued at around $1 trillion, will shortly increase its stake in Britain—currently 8.5%, which is significant in its own right—is a strong vote of confidence in the UK’s economy post Brexit?
Lord Bates
Absolutely. I am grateful to my noble friend for drawing that to the House’s attention. I am sure that noble Lords will welcome not only that vote of confidence in Britain but Forbes magazine’s assessment of the UK as the top place in the world to invest in and do business in, and its continuing to be the number one location for foreign direct investment in the European Union.