Question to the Department for International Development:

To ask the Secretary of State for International Development, what assessment she has made of the effect of Standard Chartered Plc endorsement of the Government of China’s proposed security law for Hong Kong on the future of CDC's partnership with that company.

The UK Government speaks regularly with international financial services firms about a range of issues. It is for individual companies to make their own judgements. We have made our own position very clear on China's proposal to impose national security legislation on Hong Kong.

CDC has a successful partnership with Standard Chartered focused on delivering development impact at scale in Africa and South Asia. For example, during the Ebola crisis CDC’s partnership with Standard Chartered helped provide vital working capital to businesses struggling to pay wages and meet operating expenses when the economy was seizing up.

Now, during the COVID-19 crisis CDC’s trade and supply chain finance partnerships with Standard Chartered are providing much needed liquidity to businesses in sub-Saharan Africa and South Asia. Being a counter-cyclical investor supporting local businesses during the crisis forms a central element of CDC’s COVID-19 response.