Source · Select Committees · International Development Committee
Recommendation 6
6
Deferred
Incorporate SMART targets into FCDO strategy for BII's development impact by March 2024.
Conclusion
The FCDO must incorporate SMART targets into its strategy documents that stretch the development impact that BII achieves, such as the number of quality jobs created through its gender lens investments. This must be done by March 2024 to achieve active governance over BII and to ensure that BII’s investments are achieving greater impact for the world’s poorest people. (Paragraph 37) 56 Investment for development: The UK’s strategy towards Development Finance Institutions
Government Response Summary
The Government agrees on the importance of measuring BIP impact and commits to publishing its British Investment Partnerships strategy by summer 2024, following consultation. However, it does not specifically commit to incorporating new stretching SMART targets for BII into FCDO strategy documents by March 2024, as recommended.
Government Response
Deferred
HM Government
Deferred
The Government agrees it is important to measure and report the impact of BIP. BIP is a central pillar to the UK’s International Development Strategy (IDS), one of the seven priorities outlined in the Integrated Review Refresh, and will be central to the ambitions of the new White Paper. The FCDO reports against BIP’s delivery through IDS progress reports, most recently in August 2023. Programmes within BIP also publish detailed reporting against inputs, outputs and outcomes in their Annual Reports. The FCDO will draw on these metrics, including those published through our Development Finance Institution (DFI) reporting, to ensure consistent and meaningful reporting in this strategy. Through the development of this strategy, the FCDO will consult and engage with relevant actors and partners to ensure their views are incorporated into our approach. While we appreciate that it is helpful to publish this strategy quickly, consultation with stakeholders will take time and is essential to developing effective co-ordination. However, in response to the Select Committee, the Government does feel able to commit to publishing by summer 2024. Poverty Reduction