Government Overseas Aid Commitment: Private Investment Debate
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Chi Onwurah
Main Page: Chi Onwurah (Labour - Newcastle upon Tyne Central)Department Debates - View all Chi Onwurah's debates with the Department for International Development
Government Overseas Aid Commitment: Private Investment
Chi Onwurah Excerpts(5 years, 6 months ago)
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Penny Mordaunt
I agree with my hon. Friend. We have talked about distant investors and pension funds, but this is also about British entrepreneurs. I had a meeting with an entrepreneur this afternoon; he is a young gentleman who is setting up factories to produce clothing around the world. He is taking women who have been living on the streets and giving them a job, and giving them healthcare, education and childcare. He is doing amazing things. Business can be a huge force for good. We now have tools to monitor what business is doing and what progress businesses are making, and we ought to get behind them and let them help.
Chi Onwurah (Newcastle upon Tyne Central) (Lab)
I chair the all-party group on Africa, which has been at the forefront of promoting greater good trade and investment links with Africa as being in all our interests. However, that must complement, not replace, our aid commitment. In treating pensions investments as aid, the Secretary of State is sending a signal that our pensioners should be dependent on returns on charitable donations and that trade with Africa is a question of charity. Is she really saying that we will be monitoring these new funding investments through company reporting, rather than making the investment fund managers accountable to this House?
Penny Mordaunt
No, I am sorry, but the hon. Lady is confusing two things. There are private funds completely separate from Government, including pension funds and other financial instruments, investing in Africa, and that is what we want them to do—[Interruption.] Well, we do not do enough of it. There is £8 trillion in the City that could be levered to that cause, so we do not do enough of that. The hon. Lady is confusing that with something else—namely, public funds and publicly owned investment vehicles such as CDC, the India Infrastructure Fund and the Private Infrastructure Development Group. Their profits, which are wholly public funds, have the potential to be used for years hence to count towards our aid.