Question to the Foreign, Commonwealth & Development Office:

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what performance targets her Department places on its spending through the Private Infrastructure Development Group.

The Private Infrastructure Development Group (PIDG) is multi-donor funded and jointly owned by six governments (the UK, the Netherlands, Switzerland, Australia, Sweden, Germany) and the International Finance Corporation. All Owners have agreed a set of Group wide Tier 1 key performance indicators (KPIs) against which to track PIDG's performance. These are high level metrics that represent the key priorities the Owners have for PIDG and focus on mobilising private investment; investing in the poorest countries; and the impact of investments. These are reported and discussed quarterly with Owners and are as follows:

Tier 1 KPIs

a. Level of private sector investment mobilised by PIDG through its own investments in projects. Target multiplier is for Private Sector Investment/PIDG commitment in projects reaching financial close: to exceed 3.5x.

b Number of Projects in Least Developed Countries (LDC) and Other Low Income Countries. The target for new PIDG investments is that more than 50% are in LDCs.

c. Number of projects in Fragile and Conflict Affected States (FCAS): the target for new PIDG investments is that more than 45% are in FCAS.

d. Sustainable Development Impact (SDI) Rating - Average SDI Gauge: target is > 64.5.

The SDI rating is a metric that assigns a score to each investment according to its impact on people, planet and the wider economy. These metrics have been in place for 2 years and PIDG have met or exceeded the targets set in 2021 and is on track in 2022. The PIDG Board also sets a number of Tier 2 KPIs which they monitor and also share with Owners on a quarterly basis.