Want to reduce aid dependency? Develop the business sector.
That’s what the U.K. Department for International Development wants to do with all its 29 partner countries starting 2015, British Secretary for International Development Justine Greening announced in a speech on Monday as she unveiled details of a strategy the department already adopted over a year ago but until now had lacked specifics on implementation.
Under its renewed push for economic development, DfID will spend 1.8 billion pounds of its budget on “growing emerging frontier economies to end their dependency on aid” in 2015-2016, almost triple the 620 million pounds it allocated for this in 2012-2013.
Greening hinted less than a year ago that she would encourage businesses to join the government’s development efforts under the three pillars of reducing trade barriers, developing the private sector and boosting investment to develop the economies of its partner countries, where the development secretary said both the department and U.K. firms had “barely scratched the surface” of partnerships.