Source · Select Committees · International Development Committee
Ninth Report - Investment for development: The UK’s strategy towards Development Finance Institutions
International Development Committee
HC 884
Published 15 September 2023
Government response
First Special Report - Investment for development: Government response to the Committee’s Ninth Report of Session 2022–23 · published 7 Dec 2023
Recommendations & Conclusions
1
Conclusion
Rejected
Development finance institutions significantly contribute to private market growth in low- and middle-income countries.
Conclusion
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
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Government Response Summary
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.
Foreign, Commonwealth & Development Office
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4
Conclusion
Rejected
Para 34
Strengthen FCDO collaboration with BII to ensure complementary investments by March 2024.
Conclusion
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 …
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Government Response Summary
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 can be found on BII's website. The response does not explicitly address the deadline or the mandate for building collaboration into country plans by March 2024.
Foreign, Commonwealth & Development Office
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