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Commonwealth Development Corporation


A public corporation established in 1948 to assist overseas companies, especially newly independent Commonwealth nations, with problems incurred in developing their economies, particularly but not solely their agricultural industries. It is currently authorized to borrow through the U.K. Exchequer u{ to £750m. Priority in aid is always afforded to poorer countries, the finance is directed at projects and is not to prop up specific contracts, and the minimum investment in any one project is in the order of £lm. Thereare no quotas for individual countries am each investment is assessed on its own merit, whether it be a direct involvement or one entered into in partnership with the government of the receiving country o some other international development agency. The C.D.C. is expected to be self financing and to show, if possible, a surplus on its activities. Investments are therefore the form of interest-bearing loans. though at a rate lower than that charg arged by either the International Finance Corporation or the World Bank.

Reference: The Penguin Business Dictionary, 3rd edt.