The Future Of UK Development Cooperation: Phase 1: Development Finance
HC 334, Eighth report of Session 2013-14 - Volume I: Report, Together with Formal Minutes, Oral and Written Evidence
- House of Commons - International Development Committee
- TSO (The Stationery Office)
The report 'The Future Of UK Development Cooperation: Phase 1: Development Finance (HC 334)' recommends that development aid in the form of grants, should be replaced for lower middle income countries over the next ten years.
The Committee advises that the Department For International Development (DFID) should continue to channel some of its finance through multilaterals, making greater use of their specialist skills and expertise rather than replicating these within its own bilateral programmes.
Further recommendations of the report include:
DFID should establish a financial instrument team, prepare a development finance strategy and publish a Development Finance White Paper during 2014. This strategy should include consideration of whether to establish a UK development bank.
The overwhelming drive in UK aid should continue to focus on lifting people out of poverty and meeting post-2015 development objectives.
The UK should continue to fund the development and delivery of key services to the very poorest people in low income countries through a system of grants.
The Committee concludes that the UK should also continue to channel 0.7 % of Gross National Income into development cooperation; but to support structural transformation in lower middle income countries, a significant proportion of future UK development finance should also be delivered via a system of concessional loans and other financial instruments.
|Format||Paperback||Published||13 Feb 2014|
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