Parliament will vote in early January on whether to pave the way for quadrupling the budget of the U.K. government’s development finance institution, formerly known as the Commonwealth Development Corp.
While development experts and economists generally support the move, many are raising concerns as to whether CDC, which already saw a 100 percent budget increase only last year, will be able to manage more cash.
The new legislation would increase the amount of money the U.K. Department for International Development can invest in the CDC from 1.5 billion pounds ($1.87 billion) to 6 billion pounds. It would also allow DfID to increase the ceiling again to 12 billion pounds at a later date without another vote in Parliament.
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About the author
Molly Andersmollyanders_dev
Molly Anders is a former 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.
