Development finance: Minister for Development faces questions on key Government strategy
British International Investment is a key part of the Government’s strategy to deliver international development.
The 2023 Integrated Review Refresh commits to going beyond Official Development Assistance to use all of the levers available, including investment for development. BII is intended to be a major part of Government’s wider plans to mobilise up to £8 billion a year of public and private sector investment in international projects by 2025. Clear policy choices have been made to increase Government spending on BII, but the Committee has heard of deep cuts elsewhere, such as sexual and reproductive health programming, the subject of a current Committee inquiry.
Six months into his role as minister for development, Andrew Mitchell MP recently set out his vision for the future of development, putting BII ‘at the very forefront’ of development finance. He committed to publishing a roadmap of BII commitments to demonstrate to the world how transparent a development finance institution can be. BII’s five year strategy and investment policy has three priorities: productive development (job creation); sustainable development (helping countries respond to climate change); and inclusive development (promoting gender equality and alleviating poverty).
Meeting details
In the final session of the International Development Committee’s inquiry into investment for development, MPs will question the minister about BII and where it fits into the Government’s strategy.
Likely topics will include:
- Where BII fits with the FCDO’s broader strategy for development
- Whether policy is co-ordinated across Government to deliver maximum impact
- The governance relationship between the FCDO and BII
- Oversight of BII’s investment activity
- A review of BII’s transparency and any plans to improve..