Created 2 years ago, the £1.2 billion Cross-Government Prosperity Fund aims to raise welfare and prosperity in emerging economies through economic growth, when it is sustainable and inclusive. This can also benefit trade and investment with partners such as the UK. The first 2 years focused on developing the strategy, governance and operational systems necessary to deliver the 2016 to 2023 multi-year Fund effectively.
This second annual report shows how the Prosperity Fund has progressed in 2017 to 2018 towards developing and delivering the Fund’s full portfolio of 26 programmes. The report shows how the Fund is helping to meet the UN Sustainable Development Goals and highlights programmes already delivering, such as:
- the Centre for Global Disaster Protection helps developing countries strengthen their pre-disaster planning and put financing in place before disaster strikes. This builds their financial resilience, enabling faster recovery from natural disasters and other economic shocks
- the Asian Infrastructure Investment Bank (AIIB) Special Fund provides international expertise to emerging economies in Asia to help them to prepare high-quality infrastructure projects for AIIB and other financing. Reliable energy, transport and communication infrastructure in particular, is often an important pre-cursor to Foreign Direct Investment
- the Global Future Cities programme will help cities in developing countries to grow sustainably, by assisting with transportation, urban planning and resilience. The programme provides critical support for Cape Town to better maintain water and sanitation related infrastructure. This helps to mitigate climate-related shocks such as the city’s recent once-in-300 years drought, which threatened jobs and economic growth in the region
- the Mexico programme will cover energy, urban development, financial services and anti-corruption to promote inclusive development in a country where around half of the population lives in poverty. The programme supported the design of Mexico’s Financial Technology (FinTech) law which will increase competition and support financial inclusion in a country where only 37% of the adult population have a formal bank account
The report sets out the Fund’s objectives, governance structures, and how it supports the UK Aid Strategy and the UN’s Sustainable Development Goals. It explains how the fund will move forward into larger, multi-year programmes and the spread of programmes across countries and sectors.