Page last updated at 17:25 GMT, Thursday, 1 July 2010 18:25 UK

Global poverty debate

Chairman of the international development select committee Malcolm Bruce has praised the use of a controversial investment management company to boost British funds available for combating world poverty.

In 2009, CDC, a government-owned company, came under fire from the Commons public accounts committee for paying its chief executive nearly £1m in 2007 even though the committee could find "limited evidence" that it had made an impact on poverty reduction.

But, during a debate on global poverty on 1 July 2010, Mr Bruce told MPs that "CDC has clearly delivered a substantial amount of investment at no cost to the taxpayer".

It's profitability had "increased our development capacity", the Lib Dem MP added.

In response, International Development Secretary Andrew Mitchell said: "We are restructuring the way the Department handles the issues to which he has referred, and we are looking specifically at CDC to ensure that we secure as much development gain and value from its work as we possibly can.

"We aim to do more rather than less," he concluded.

Part two of the debate can be found here.


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