The UK Government will agree to a series of new partnerships with leading British and international companies to improve business conditions in Africa and South Asia, kick-start embryonic capital markets and drive more investment into growing emerging frontier economies, Justine Greening, Department for International Development (DFID) Secretary, has said.
In her keynote address at the London Stock Exchange, Greening set out DIFD’s new approach to support growth and create jobs in developing countries.
She announced that Britain would more than double its investment in growing emerging frontier economies to end their dependency on aid. In 2015-16, DFID will plan to target £1.8 billion of its budget on economic development, compared to £620 million spent in 2012-13. This would be in addition to indirect funding through core contributions to multilateral organizations.
Moreover, the UK Government will partner 12 high street names to improve working conditions and job opportunities for more than 700,000 workers and smallholder farmers in Kenya, South Africa and Bangladesh. This will include working with Sainsbury’s to help workers gain qualifications; and Debenhams, Primark, Asda, River Island, John Lewis Partnership, C&A, M&Co, Next and Morrisons to improve management in Bangladeshi garment factories.
Justine Greening said: “Economic development is, without question, the only way countries can leave behind enduring and chronic poverty for good. I have restructured my department to focus on jobs and growth and can now commit to more than double the amount we will invest in this crucial area.”
“Working with world-class businesses ensures frontier developing economies get the best support, advice and expertise they need to grow and Britain is well placed to benefit from this growth,” she added.