Question to the Foreign, Commonwealth & Development Office:

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what discussions she has had with international financial institutions on mechanisms to mobilise private capital to support developing economies.

The UK Government firmly believes that mobilising private capital is critical to raise the finance needed to achieve our development and climate objectives and helping drive economic growth both in developing economies and at home here in the UK. That is why the UK is shifting from donor to investor and the International Financial Institutions are among our most important partners for mobilising private capital at scale.

We have regular engagement with them both through our representation on their Boards and through Ministerial engagement, such as at the recent World Bank and International Monetary Fund (IMF) Spring Meetings, which the Chancellor and Minister for Development both attended.

We want to support Multilateral Development Banks to reform their business model to further scale financing to developing countries, help build strong project pipelines and mitigate risks to attract more private capital. We also want them to help improve investment conditions and build local financial sector and local currency markets and to share more data on their investments.