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Barry Sheerman
Main Page: Barry Sheerman (Labour (Co-op) - Huddersfield)Department Debates - View all Barry Sheerman's debates with the Department for International Development
(9 years ago)
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Mr Barry Sheerman (Huddersfield) (Lab/Co-op)
3. What steps she is taking to encourage the availability of low-cost credit for start-up businesses in developing countries.
The Parliamentary Under-Secretary of State for International Development (Mr Nick Hurd)
May I place on record my personal respect for the work done by my predecessor and friend the right hon. Member for Welwyn Hatfield (Grant Shapps), not least his kick-starting of the Energy Africa campaign?
As the hon. Gentleman knows, small and medium-sized enterprises will play a critical role in creating and sustaining much-needed jobs in poor countries. We have a range of programmes that focus on providing support and finance for microbusinesses, SMEs and, I am delighted to say, social enterprises.
Mr Sheerman
I know the Minister to be an innovator —he has that reputation—but will he consider carefully one way in which the United Kingdom can help? The UK is now the leading financial technology and crowdfunding centre of the world, and crowdfunding can deliver real opportunities to, in particular, women in the developing world to control their lives, finance start-ups, and do well in life. Will the Minister talk to other people, including the Chancellor of the Exchequer, with the aim of getting some real movement behind this?
Mr Hurd
I completely agree with the hon. Gentleman, who is a long-term, passionate supporter of the power of the crowd. If we get the regulation and the technology right, the arrangements will be very sustainable. The hon. Gentleman may not know this, but we have a manifesto commitment to develop crowdfunding, and that is exactly what we are doing. We are backing the Global Village Energy Partnership, which will support 10 to 15 crowdfunding platforms in the energy sector in sub-Saharan Africa, and that is just the start.