UK celebrates 30 years of development finance in india
British High Commission celebrates 30 years of UK investment in Indian businesses and 70th anniversary of CDC as the world’s first Development Finance Institution.
CDC Group, the UK’s government-owned development finance institution, is today celebrating 30 years of investing in India with an event hosted by the British High Commission in Delhi. The event, which also marks 70 years since CDC’s creation as the world’s first Development Finance Institution, brings together Indian investors, business leaders and government officials with representatives of the UK government in India.
CDC’s Chief Executive will speak at the event and set out CDC’s aim to invest US$1.7 billion in India and the broader South Asia region over the next three years. CDC’s investment focus will be on businesses operating in job-creating sectors including infrastructure, healthcare, agribusiness and financial services and on companies that lower the cost of goods and services to consumers. CDC’s focus will also be on supporting businesses in Indian states that are in most need of investment.
Since making its first Indian investment in 1988, CDC has worked with entrepreneurs and investors in the country to build a US$1.7 billion portfolio of over 300 investments. Those 300 CDC-backed companies support around 350,000 direct jobs and many more in their supply chains, and last year paid US$1.1 billion in local taxes.
CDC’S Chief Executive Nick O’Donohoe said:
CDC plays a vital role alongside DFID India in the UK’s work on development cooperation with India.
CDC aims to invest the US$1.7 billion in businesses and sectors that can change lives, but are short of capital. Our focus will be on job-creating sectors and on businesses that can makes goods and services more affordable for the common man. To demonstrate our commitment, I’m pleased to announce that this week we’re making a US$50m investment alongside Indian real estate fund Kotak that will support affordable housing projects in Indian states.
We’re doing this while generating financial returns for the UK taxpayer and encouraging outside investors into the region A great example of the UK and India acting as a joint force for good.
British High Commissioner to India, Sir Dominic Asquith said:
The UK is investing in India to support its people, enterprises, institutions and markets in achieving their full potential. I am delighted to see the effort CDC Group has put in over the past 30 years in India to promote our partnership and create a sustainable model of growth with real benefits for ordinary people.
I wish them every success in further strengthening this unique and productive partnership between the UK and India.
Further information
CDC Group plc is the UK’s development finance institution. Wholly owned by the UK government, it invests in sub-Saharan Africa and South Asia with the aim of supporting economic development to create jobs.
CDC takes a flexible approach and provides capital in all its forms, including equity, debt, mezzanine and guarantees, to meet businesses’ needs and achieve development impact. CDC has net assets of £5.1 billion.
The Department for International Development India is a United Kingdom government department responsible for fostering development partnership between the UK and India. The goal of the department is to eliminate world poverty and promote sustainable development.
Media
For media queries, please contact:
Sally Hedley, Head of Communications
Press and Communications, British High Commission,
Chanakyapuri, New Delhi 110021
Tel: 24192100; Fax: 24192400
Mail to: Srijan Prabhakar
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