In my view, no country can defeat poverty without sustained economic growth which creates jobs and raises the taxes needed for public services.  CDC's mission is to create those jobs and achieve lasting change for people in the poorest countries in Africa and Asia. It currently has investments in more than 1,200 businesses in over 70 countries and in 2015 the businesses that CDC invested in helped create over a million new direct and indirect jobs in the world's poorest countries.
 
CDC investments deliver significant development impact, while at the same time generating a financial return, every penny of which is re-invested.  Over the past three years alone, CDC's investee companies have also generated over US$7 billion worth of local tax revenue, which helps support public services like health and education in developing countries.
 
It is right that support should be targeted where it is needed most and CDC has radically transformed its approach over the last five years to ensure it delivers support where it can have the greatest impact for the poorest and deliver value for money for UK taxpayers.

The Department for International Development (DfID) works closely with CDC to ensure it is at the forefront of global standards including on transparency and development impact.
 
The Bill will raise the limit on the level of financial support the Government can provide to CDC.  The current limit of £1.5 billion has now been reached, and the Bill will raise the cumulative financial limit by £4.5 billion to £6 billion, with the potential to raise it to £12 billion in the future, allowing CDC to continue its pioneering work.  

However, even if the Bill passes, no new capital will be released to CDC without a clear business case subject to Ministerial scrutiny and approval.