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 Group plc is the UK’s development finance institution. Wholly owned by the UK Government, it invests in sub-Saharan Africa and South Asia with the aim of supporting economic development to create jobs. CDC takes a flexible approach and provides capital in all its forms, including equity, debt, mezzanine and guarantees, to meet businesses’ needs and achieve development impact. CDC has net assets of £4.8bn.