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CDC-Backed Businesses Create1.3 Million New Jobs in Africa

Diana Noble - CDC group CEO

CDC Group, treat http://chaosoffroad.com/wp-admin/includes/class-wp-ms-sites-list-table.php a UK’s government-owned development finance institution in its recently announced 2014 annual results revealed that the company’s backed businesses in Africa contributed to the creation of nearly 1.3 million new direct and indirect jobs last year.

The organization whose mission is to support the building of businesses in Africa and South Asia, approved http://christchurchcathedral.org.au/wp-includes/class.wp-dependencies.php create jobs and make a lasting difference to people’s lives in some of the world’s poorest places directly employed 533,000 workers and were responsible for a further 10.8 million people when indirect employment effects, such as their supply chains, wages and increased access to power are considered.

According to a press statement from CDC Group, 2014 saw the value of the businesses in CDC’s portfolio grow with total assets rising from £2,948m in 2013 to £3,369m in 2014.

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CDC also made 19 new investment commitments totaling £296.5m and reported a total return after tax of £420.2m

Diana Noble, CDC’s Chief Executive said, “CDC’s mandate is to deliver development impact in poor countries while being financially sustainable. 2014 was a year of good progress for CDC on both fronts. Since launching a new strategy in 2012 to focus on job creation in poorer countries, I am hugely encouraged by our new analysis that suggests CDC’s portfolio of companies in Africa and South Asia contributed to the creation of nearly 1.3 million new direct and indirect jobs last year.

CDC’s 19 new investments last year covered a variety of job-creating sectors in some of the world’s most challenging places. They included a 335MW electricity plant in Bangladesh, a partnership to help develop transport infrastructure across sub-Saharan Africa, and a pioneering deal bringing critically-needed working capital to companies in Sierra Leone during the Ebola crisis.

Furthermore according to the press statement, the companies in CDC’s Africa and South Asia portfolio paid tax worth US$2.34bn to local governments.

CDC also mobilized almost US$250 million of third party private sector capital into funds it backed in 2014 alongside the US$132 million it committed from its own resources.

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