Britain is to invest US$1.7 billion in India and the broader South Asia region over the next three years, under new plans unveiled by the UK’s development finance institution, CDC Group.
The organisation is wholly owned by the UK government and earlier this week celebrated 30 years of investing in India. The milestone was marked during an event in Delhi hosted by the British High Commission.
Announcing the group’s future investment strategy, CDC chief executive Nick O’Donohoe said the focus was on businesses operating in job-creating sectors including infrastructure, healthcare, agribusiness and financial services, as well as on companies that lower the cost of goods and services to consumers. It will also aim to support businesses in Indian states that are in most need of investment.
Mr O’Donohoe said the group’s work was a great example of the UK and India acting as a joint force for good.
“CDC plays a vital role alongside the Department for International Development (DFID) India in the UK’s work on development cooperation with India,” he said.
“CDC aims to invest the US$1.7 billion in businesses and sectors that can change lives, but are short of capital. Our focus will be on job-creating sectors and on businesses that can makes goods and services more affordable for the common man.
“To demonstrate our commitment, I’m pleased to announce that this week we’re making a US$50m investment alongside Indian real estate fund Kotak that will support affordable housing projects in Indian states.”
Over the past 30 years CDC has made more than 300 investments in the country. Firms that have benefited now directly support about 350,000 jobs.
British high commissioner to India, Sir Dominic Asquith, added: “The UK is investing in India to support its people, enterprises, institutions and markets in achieving their full potential. I am delighted to see the effort CDC Group has put in over the past 30 years in India to promote our partnership and create a sustainable model of growth with real benefits for ordinary people.
“I wish them every success in further strengthening this unique and productive partnership between the UK and India.”
Main image: ©CDC Group Plc.