Government Overseas Aid Commitment: Private Investment Debate
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Lord Herbert of South Downs
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Government Overseas Aid Commitment: Private Investment
Lord Herbert of South Downs Excerpts(6 years ago)
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Penny Mordaunt
I hope that the hon. Lady will welcome the announcement that was made at the UN General Assembly and that I reiterated in my speech today. For the first time, we have a tool that allows us to see how companies are graded against the delivery of the global goals—to see what they are doing socially and environmentally to ensure that the global goals are met. The benchmarking alliance unveiled at UNGA will be a huge tool not just for Parliaments and investors, but for the public, who, I think, care very much about how their savings and pensions are invested.
Nick Herbert (Arundel and South Downs) (Con)
My right hon. Friend is surely right to focus on the need to increase private sector investment in developing countries. However big the aid budget is, it will be dwarfed by private sector trade and investment flows, which are essential. Does she agree that aid is particularly important where private sector investment fails—for instance, in the development of new drugs that are essential to beat diseases such as tuberculosis?
Penny Mordaunt
I absolutely agree. The more we can help others to lean in and assist with job creation, the more we can do on areas that only we can deal with, particularly health and humanitarian matters.