Question to the Foreign, Commonwealth & Development Office:

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, with reference to paragraph 2.13 of the Spring Statement 2025, published in March 2025, what (a) plans he has to share progress on working with (i) the financial sector and (ii) international partners to mobilise private capital for international development and (b) benchmarks are in place to assess progress.

To strengthen links with the financial sector, the Minister of State for International Development and the Economic Secretary to the Treasury will convene an industry led Emerging Markets and Developing Economies taskforce following an industry report "The UK as a climate finance hub" to increase UK private investment for climate and development. British International Investment - the UK's Development Finance Institution (DFI) - is working with institutional investors to develop solutions through a new Mobilisation Facility [announced in September 2024]. We are also working with international partners, including the G7, G20, and through our shareholdings in the Multilateral Development Banks (MDBs), to reform the global financial system to unlock more finance, including through their private sector arms. We will also be reporting on our financial commitments to the Partnerships for Global Infrastructure and Investment initiative at the G7 Summit in June. To assess progress, we are working closely with the Organisation for Economic Cooperation and Development (OECD) and MDBs/DFIs to report on private capital mobilisation, and through our business plan and programme annual reviews we monitor a number of outcome indicators - they can be found on Development Tracker.