'DFIs don't need more money,' says UK DFI official

United Kingdom pound sterling banknotes. Photo by: V1ctor / CC BY

PARIS — The United Kingdom government’s development finance institution, formerly known as the Commonwealth Development Corporation but now known simply as CDC, might well have seen more growth in the last five years than any other government-founded DFI. Between 2016 and 2017 the U.K. government quadrupled the CDC’s investment ceiling to 6 billion British pounds ($8.37 billion) in development assistance, refocused its investments on riskier sectors and geographies, and grew its staff from around 60 to more than 200, all while maintaining a portfolio-wide average of at least 3.5 percent return on investments, as dictated by the Treasury.

Yet Colin Buckley, CDC’s chief operating officer, told a crowd at the Organization for Economic Co-operation and Development in Paris last week, that regardless of the U.K. government’s buy-in, and an increasingly populous landscape of DFIs, these institutions “don’t need more money.”

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About the author

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    Molly Anders

    Molly Anders is a U.K. Correspondent for Devex. Based in London, she reports on development finance trends with a focus on British and European institutions. She is especially interested in evidence-based development and women’s economic empowerment, as well as innovative financing for the protection of migrants and refugees. Molly is a former Fulbright Scholar and studied Arabic in Syria, Jordan, Egypt and Morocco.