The United Kingdom’s Aid to Fight World Poverty was Blown on Online Gambling Platforms and Restaurants

The British aid that was officially set aside to help fight poverty was instead used to fund online betting platforms and chain restaurants. The government’s private equity arm, the CDC Group, claims that it makes a significant and lasting difference to people’s lives in third world countries by investing in local businesses there that create jobs. However, The Times analysed its portfolio of activities revealed that the money spent by the group has gone to companies which cater for middle-class families in fast-growing economies like China and India. The Times stated that the projects that received funding from the group include:

Shopping malls in Nigeria and a chain of stores that sell iPhones and flat-screen TV’s in Egypt.
The Pakistani version of Amazon, Daraz, as well as Jabong, which is an Indian online clothes retailer. They have received £32 million in direct funding from the group.
Restaurants in Peru, Vietnam, and India as well as 7 days which is a budget hotel franchise in China.
An e-commerce company in Africa, which is also backed by Goldman Sachs, other multinationals, as well as a Singaporean online gambling platform.
Several outdoor advertising businesses in China and Ghana as well as an organisation that supplies IMAX equipment in the Far East.

Moreover, the National Audit Office released a report in November that found that the CDC Group had troubles showing that its work made a lasting impact on people’s lives in third world countries.

↢ Previous

Next ↣