June 30, 2009
Going Offshore to help the Poor?
There’s a piece up on the Tax Justice Network blog this afternoon about CDC, the UK Government’s “investment vehicle” for initiating development in the world’s poorest countries.
It explains CDC’s origins, how it now operates a private equity model, its use of secrecy jurisdictions – and whether this is really the best way to help the world’s poorest.
I’d say it’s essential reading for anybody who would like to see how the Blair administration decided to privatise international aid – and the consequences of such a decision.
By the way, one thing the article doesn’t mention is how lucrative this “development” model has proved – for some. In 2008, Richard Laing the CEO of CDC, received a total remuneration package of £970,000.
Not bad for a development organisation 100% owned by the UK Government, eh?
