The private sector could play a more substantial role in international cooperation, the House of Commons International Development Committee said in its report.
The committee has acknowledged the potential of private foundations to take financial risks — something that donors cannot. However, it says foundations can do more if they boost their accountability and coordination with the public sector, the part where the Department for International Development comes in.
The report urges DfID to promote coordination between private foundations and the public sector to avoid repetitive initiatives and widen impact. It notes that foundations frequently focus their efforts on health initiatives, when in fact education is also an equally pressing issue.
Accountability is another issue raised in the report. The committee urges DfID to encourage private foundations — small and large — to make their aid more transparent. One way is by signing up to the International Aid Transparency Initiative.
DfID Secretary Andrew Mitchell welcomed the committee’s recommendations, The Guardian reports.
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