TNAG-2743-FCO40-3958-Visits-by-Commonwealth-officials--ministers-and-public-figur-1993 — Page 58

Secretariat draft

a.

Emphasis

on

investment

21 June 1993

in Africa which

should receive

approximately 40 % of new approvals,

b.

c.

Developing the portfolio of forestry projects,

Continuing to promote a minimum number of projects for small

farmers,

d.

Developing CDC support for privately-run financial

institutions, including venture capital companies, local equity

funds, specialised banks and leasing companies, which support

private sector development,

e. Maintaining the share of new equity investments in total new

investments at 15-20%,

£. Maintaining the share of public utility projects (power, water

and telecommunications) at 25% of new approvals,

g.

Increasing the number of directly managed projects to which

CDC staff are seconded.

Project targets

Public/private sector

6.4

In the 1986 Quinquennial Review CDC were encouraged to invest

increasingly in the private sector, but were not set a quantified target.

The increasing importance which Government attaches to this objective; and

the the emphasis which CDC itself has placed on equipping itself to work

with the private sector suggests a clearer target should be set: CDC's

strong performance since 1986 provides the basis for doing so.

6.5 There is however a case for retaining some role for CDC in the public

sector, and in particular public sector utilities. This helps spread the

risk in the portfolio; and utilises expertise which CDC has built up over

2