James Wharton, the International Development Minister, has returned from his first visit to the Democratic Republic of Congo (DRC) where he saw the positive impact one of our investee businesses is making.
During his trip, Mr Wharton visited a power plant in Matebe, which is owned and operated by Virunga Energy – a business we invested in earlier this year. The clean energy plant provides 96 megawatts of electricity for people living in the North Kivu province in the DRC. In this area of the country, there is only three per cent electrification.
Through providing much needed electricity, the business is helping to create around 100,000 jobs and boost economic development in the region.
Mr Wharton said:
“I have seen first-hand how the UK is providing lifesaving assistance and supporting the country to tackle poverty, stimulate economic growth and create jobs and livelihoods for the poorest people, helping them to stand on their own two feet.”
You can read the full story here.
CDC is the UK government-owned development finance institution. CDC’s mission is to support the building of businesses throughout Africa and South Asia, to create jobs and making a lasting difference to people’s lives in some of the world’s poorest places.
We provide investment capital in all its forms, including equity, debt, mezzanine and guarantees, and this capital is typically used to fund growth. This capital is provided directly and through fund managers that are aligned with our aims.
CDC uses its own balance sheet to invest and has net assets of £3.4bn.