City & Corporate: CDC tasks Cubitt to raise investment across Africa

The Commonwealth Development Corporation (CDC), the Government-run investor in the developing world, is hoping to take advantage of moves to tackle poverty in Africa by targeting the City's hedge fund industry.

CDC brought in Cubitt Consulting last week with a brief to encourage City institutions to invest for higher and ethically sound returns in the developing world.

Cubitt partner Ross Gow is fronting City PR work and will highlight potential returns from the CDC's projects in Africa, South Asia, China and Malaysia: examples include Actis Capital fund, formed last year, and Aureos Capital fund manager, which manages four regional funds and 11 country funds, mainly in Africa.

Founded in 1948 by the then Colonial Office, CDC falls under the remit of the Department for International Development and has invested around £833m to date.

Last October CDC took a 56 per cent stake in the £182m Songas power project in Tanzania. The project involves the construction of a pipeline to supply gas to the Ubungo power plant from a field close to Tanzania's Songo Songo islands.

Cubitt vice-chairman and former press secretary to the Queen Charles Anson will also target MPs, who are likely to question whether such investments are in line with the Government's ethical foreign policy and human rights commitments.

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