The Prosperity Fund aims to reduce poverty through inclusive economic growth and development. The Fund also looks to create opportunities for international business including UK companies as a result of this economic growth, as a secondary benefit. The Funds focus is on ODA-eligible (Official Development Assistance) middle-income countries where 70% of the world’s poor live and where 60% of global growth will come from by 2030 (OECD). The Fund’s budget is £1.2 billion over 6 years which ministers have allocated across a portfolio of strategic projects.
The Fund provides expertise and technical assistance in sectors and countries where there is the highest potential for inclusive growth, to:
- promote economic reforms and remove barriers to trade
- strengthen policy capacity and build strong institutions
- reform key sectors such as infrastructure, energy, finance, education and healthcare
- tackle corruption
The Prosperity Fund forms a strategic proportion of the UK’s total Official Development Assistance (ODA) commitment of 0.7% of Gross National Income (GNI). It represents a strategic shift in the ODA resources spent on assisting countries to grow and develop by focusing on multi-year programmes in middle-income countries, which will help to make the world a more prosperous place.
All aid projects and programmes comply with the International Development Act 2002, the International Development (Gender Equality) Act 2014, the OECD Development Assistance Committee (DAC) criteria, and UK Government transparency commitments on ODA spend. All UK ODA is untied.
For more detailed information on the Fund’s direction and priorities read the further information on to the Prosperity Fund.
Programmes and activities
For more information on current Prosperity Fund programmes and activities, see our programmes and activities page.
The Fund held its first Business Forum on 20 July, where ministers and business leaders came together to discuss building economic partnerships with the developing world.
Also see the previous 2016 to 2017 Annual Report.
How to bid for contracts
The majority of Prosperity Fund spend will be via commercial contracts. We are tendering programmes through the Cross-Government Prosperity Framework, as the preferred route to market.
The Framework competition is now complete and winning suppliers have been notified. Publication of award notices will follow shortly. For further information on the procurement processes within the Foreign & Commonwealth Office (FCO) see the Bravo e-Sourcing Portal or contact Prosperity.Procurement@fco.gov.uk.
Programmes not tendered through the FCO-based framework will be available through multiple routes, including the Department for International Development’s framework and other government frameworks as appropriate.
Information on commercial opportunities for the Prosperity Fund will be available to registered suppliers on departmental relevant procurement portals and Contracts Finder as they occur. All will be tendered via the Official Journal of the European Union (OJEU) process and published accordingly.
For other general inquiries and feedback contact Prosperity.FundProgramme@fco.gsi.gov.uk.
The cross-Government Prosperity Fund is also referred to in the Capability Review of the cross-Government Funds.