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Select Committee · International Development Committee

Investment for development: The UK’s strategy towards Development Finance Institutions

Status: Closed Opened: 9 Nov 2022 Closed: 7 Dec 2023 8 recommendations 15 conclusions 1 report

The International Development Committee launched an inquiry on Investment for Development: the UK’s strategy towards development finance institutions and the effectiveness of aid spending through British International Investment (BII). This inquiry assessed whether BII is best placed to deliver impact and value for the UK taxpayer, given that a greater proportion of the future aid …

Clear

Reports

1 report
Title HC No. Published Items Response
Ninth Report - Investment for development: The UK’s strateg… HC 884 15 Sep 2023 23 Responded

Recommendations & Conclusions

2 items
1 Conclusion Ninth Report - Investment for developme… Rejected

Development finance institutions significantly contribute to private market growth in low- and middle-income countries.

Development finance institutions can make a substantive contribution to developing private markets in low- and middle-income countries by pioneering new and emerging industries, promoting positive change through investment activities and stimulating private-sector investment to develop markets. (Paragraph 11) Governance

Government response. The Government does not agree with appointing a non-voting government official to BII’s Board, arguing it would disrupt dynamics and duplicate existing oversight. It committed to maintaining best practice governance and periodically reviewing procedures.
4 Conclusion Ninth Report - Investment for developme… Rejected

Strengthen FCDO collaboration with BII to ensure complementary investments by March 2024.

The FCDO must work collaboratively with BII throughout its operations to deliver the International Development Strategy’s objective of supporting countries to grow thriving economies by 31 March 2024. It should do this at both country office and regional levels by sharing institutional knowledge and ensuring that BII’s investments complement the …

Government response. The Government already monitors the thematic and geographic split of BII investments through existing policies and reporting frameworks. However, it will not provide BII investment data alongside FCDO's annual ODA expenditure due to potential confusion, instead highlighting where this information …

Oral evidence sessions

4 sessions
Date Witnesses
6 Jun 2023 Rt Hon Andrew Mitchell · Foreign, Commonwealth & Development Office View ↗
25 Apr 2023 Diana Layfield · British International Investment, Nick O’Donohoe CMG · British International Investment View ↗
7 Mar 2023 David Kuijper · FMO, Joe Dharampal-Hornby · Impact Investing Institute, Mr Stuart Bradley · Phatisa Group Limited, Samantha Attridge · Overseas Development Institute View ↗
24 Jan 2023 Anna Marriot · Oxfam, Daniel Willis · Global Justice Now, Graham Gordon · Catholic International Development Charity (CAFOD), Paul James · Publish What You Fund View ↗

Correspondence

3 letters
DateDirectionTitle
10 Jan 2024 — Correspondence from the Minister for Development & Africa relating to Clarifica…
10 Jan 2024 — Correspondence to the Minister for Development & Africa relating to Clarificati…
5 Jul 2023 — Correspondence from the Minister for Development and Africa regarding British I…