ICAI review of the cross-government Prosperity Fund
The Prosperity Fund is a new cross-government aid fund, under the authority of the National Security Council, that promotes economic reform and growth in developing countries. With a planned budget of £1.3 billion between 2016 and 2021, it will contribute to a reduction of poverty in developing countries and also create opportunities for international business, including UK companies.
The Prosperity Fund is still in its development phase. Agulhas supported ICAI in examining the evidence to date and in commenting on issues of concern. The review gives a set of recommendations including that 1) the government should adjust the Fund’s planned rate of expenditure, 2) that is should refine its strategic objectives and develop a set of portfolio-level results indicators, 3) that it should be more open about its engagement with UK and international firms, 4) that it should put in place explicit processes to check ODA eligibility and that 5) it should establish its procedures and report its progress on the basis of full transparency.
Areas of Expertise:
- Aid architecture