Government Overseas Aid Commitment: Private Investment Debate
Full Debate: Read Full DebateDepartment: Department for International Development
Rachel Maclean
Main Page: Rachel Maclean (Conservative - Redditch)Department Debates - View all Rachel Maclean's debates with the Department for International Development
Government Overseas Aid Commitment: Private Investment
Rachel Maclean Excerpts(5 years, 6 months ago)
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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.
Rachel Maclean (Redditch) (Con)
Does my right hon. Friend welcome the fact that, as we leave the EU, we will be able to have additional control over the £1.5 billion within our international aid budget that we currently channel through the EU? Does she think that we could use that money to achieve the global development goals?
Penny Mordaunt
We have all sorts of choices ahead of us as we take back control of that money. I have outlined today that I think we should be doing more investment to create the jobs and livelihoods that these nations need to lift themselves out of poverty and to bring a return to the UK, so that we can make the work that we do more sustainable and, if we choose, increase it.