bridge the equity gap through public funds. But even if true, the argu- ment only runs to suggesting that the IFC provides indirect support for the other more mercenary partners! The Great Predators also seek to differentiate themselves and estab- lish developmental credentials by claiming to be trustworthy and reputable, which in turn reduces risk for others. Their publications are replete with references to status, experience, expertise and worldwide contacts. They also claim to have important friends, not least the home ‘creditor’ government who can wade in to remind the hosts of their obligations, should the need arise. This has meant, over time, that DFI investments have become clustered in countries where purposive promises on the macroeconomic environment are in place, such as a structural adjustment programme or more latterly poverty reduction strategy (PRS), or in countries which have gone furthest in signing up to voluntary treaties and codes of practice which tie countries in to the governance modalities of the neoliberal order. An example would be the Financial Action Task Force recommendations, and the OECD ‘Convention on Combating the Bribery of Foreign Public Officials in International Business Transactions’ of 1999. These more recent trends in the codification of neoliberalism illus- trate some fundamental problems with the business principles as outlined above. Globally now, there is little new, embryonic or catalytic to be invented or discovered: frontiers to global capitalism just do not exist to justify the IFIs in their promise to not displace someone. In fact their habit of clustering investments in managed climates suggests just the opposite, that nice middle-income countries with a relatively advanced investment climate are preferred. Altenburg (2005) claims that public–private partnerships for development (and DFIs often head these) have three potential positive effects: increased resources; deployment of extra (private sector, often) expertise in development; and innovative approaches that would not occur to traditional aid organisations. However, Altenburg also notes the risk of public resources being wasted on viable projects which commercial banks would have financed anyway, which is sometimes termed the ‘wind- fall waste’ problem (as in Storey and Williams 2006: 12, who cited Altenburg 2005). Conversely, and in contradistinction to the windfall waste problem, is that the potential investment has no private interest because it is dumb or unprofitable. Taking just one example from chapter 7 – the Asian Development Bank (ADB) fund support for mobile telephony in Afghanistan – illus- trates how many of the benefits of development assistance to the private sector can be refuted. The telephone loan was an intervention in an already developing marketplace, where there were already two other mobile network suppliers and a government-run fixed line MONEY AND POWER [ 146 ] Bracking_09_cha08.qxd 13/02/2009 10:56 Page 146 supplier, which suggests it might be a example of the windfall waste problem. In fact under European regulations which regulate ‘state aid’ such a subsidy would face problems in the EU as market distorting, privileging as it does just one participant. In this case the company in question was offering village phone services to meet the needs of the rural poor, and also cash transfer services through the network to allow Afghans to use the phones to make remittances, or cash transfers, to relatives (which, not uncoincidently, allows informal remittance trans- fers to be regulated and monitored) (ADB 2006). These elements of added value could be used in defence of public support, a ‘public good value added’, but the question doesn’t go away of why this particular loan is ‘developmental’, or why this particular company is more deserving than its rivals and nor does the suspicion, in this particular case, that security interests also played a role in the selection. Storey and Williams’s (2006) summary of the problems of DFIs remains: they either pick up losers in the market or they generate market distortions. The European Development Finance Institutions A Monopolies and Mergers Commission (MMC) report of 1992 provides an interesting exercise on measuring private sector develop- ment more widely, as well as a rare insight on the profitability of the Great Predators. The MMC ranked the profitability of the CDC and other bilateral equivalents in terms of the gross income that each organisation received on its investments, expressed as a percentage of its investments for the financial year 1990–91 (MMC 1992: 147). The German DEG (German Finance Company for Investments in Devel- oping Countries) was the most profitable at 10.3 per cent, followed by 3i (10.3%); EDESA (Luxembourg, 10.2%); OPIC (United States, 9.1%); IFC (Bretton Woods institutions, 8.8%); SIFIDA (Luxembourg, 8.0%); EIB (Europe, 7.8%); IFU (Denmark, 7.8%); CDC (UK, 7.4%); FMO (Netherlands, 6.4%); SBI (Belgium, 5.0%); and CCCE (now AFD, France, 5.0%). Of the four organisations deemed most comparable to the CDC, DEG and IFC show a return, averaged over the two years, a little higher than CDC, and FMO (Netherlands Development Finance Company) and IFU (Danish Industrialisation Fund) somewhat lower (MMC 1992: 147). CDC had also accumulated a significant surplus to 1992 and had not incurred a deficit in any single year since the 1950s (MMC 1992: 4). All rates of return for DFIs in Europe and North America were respectable and over 5 per cent in both years, rising to 10 per cent in a number of cases (MMC 1992). Evidence of large and persistent profits is in contradistinction to the representation that DFIs give of their work, where profitability is said to prompt exit and disposal, as the job has ‘been done’. Of course, PRIVATE SECTOR DEVELOPMENT AND BILATERAL INTERVENTIONS [ 147 ] Bracking_09_cha08.qxd 13/02/2009 10:56 Page 147 profits also accrue from the sale itself, while losses can be absorbed by the wider ‘aid’ budget of the creditor government. For example, in the 1980s, the CDC investment in Tanwat in Tanzania was a failure, but new money was nonetheless provided, such that losses were socialised. By comparison, the successful Usutu Pulp Company in Swaziland was sold off to the private sector proper, in Usutu’s case to SAPPI of South Africa, by a first tranche in 1990 when Courtaulds sold its stake and then by means of CDC’s remaining stake in 2000, after the issue of full South African ownership had been made more palatable to the Swazi Government following the end of apartheid (Tyler 2008: 9–10). Sufficient numbers of projects were successful, and sufficient amounts of bad debts were absorbed by sovereign Third World governments and by the Northern owners of the DFI clubs, to produce an excellent balance sheet over time. For example, in the Usutu pulp and paper success story, from 1950 to 2000, CDC committed nearly £18 million to Usutu (much more in today’s values) and all loans were repaid with interest to make a compound return of approximately 13 per cent per annum in sterling terms on its equity (Tyler 2008: 11). Table 8.2 summarises the scale of activities of the CDC and eleven comparators in 1991, compiled for the MMC Review, ordered by the balance sheet value of investments (the largest, the European Invest- ment Bank (EIB), heads the table) (MMC 1992). As can be seen from the table, nine of the twelve organisations are wholly or partially owned by governments, while the three private groups (EDESA, 3i and SIFIDA) were owned by consortia of banks and large US and European industrial companies (MMC 1992: 146). Most of the organisations were making investments in the form of equity and loans, with EIB and OPIC investing in only loan form, and the French CCCE, now AFD, being predominantly loan-orientated. It is only later through the 2000s that the grant component of, for example, EIB money was increased. The CDC and other DFIs were making investments entirely in poorer countries, while the EIB was predominantly focused on the EC (90 per cent of loans), but also provided financing outside the EC in the 69 African, Caribbean and Pacific (ACP) countries, twelve Mediterranean countries and several in Central and Eastern Europe (MMC 1992: 146–7; EIB 1992). This profile is interesting in that current debt cancel- lations can be traced back predominantly to development finance extended in this model, at near market rate loans, and as such the future failures through the 1990s and 2000s must be contextualised within the commercial risk model with its attendant provisioning. In other words, any full value write-offs suggest a greater generosity on the part of creditors than the actual book value of the debt would justify, since this would have been written down against its relevant provisioning many times in the years that followed. MONEY AND POWER [ 148 ] Bracking_09_cha08.qxd 13/02/2009 10:56 Page 148 At the time of the MMC review, the organisations were looking healthy. The size of the US contribution is confusing, however, since while the Overseas Private Investment Corporation (OPIC) is ranked ninth in the table, it also had extensive US Treasury securities at its disposal for the purposes of insurance and investment risk guarantees. The scale of US export credit and investment insurance is also severely underestimated here since there were also other quasi-public and private organisations in the United States with similar functions: the Export–Import Bank (Eximbank), the chief government agency; the Foreign Credit Insurance Association (FCIA), which is an unincorpo- rated association of private commercial insurance companies operating in co-operation with Eximbank to provide export credit insurance; and the Private Export Funding Corporation (PEFCO) (Eiteman et al. 1992: 539–41). Eximbank is the US equivalent to the UK’s Export Credit Guarantee Department (ECGD) (see chapter 5). It was established in 1934, primarily to stimulate and facilitate trade to the Soviet Union, and was rechartered in 1945 to provide for its present global reach. Eximbank facilitates the financing of US exports by insuring export loans extended by US banks to foreign borrowers, and by a direct-lending operation with private partners (to ensure it compliments with, rather than competes with them), to lend dollars to borrowers outside the United States for the purchase of US goods and services. At this time, Eximbank was also providing financing to cover the preparation costs incurred by US companies for engineering, plan- ning and feasibility studies for non-US clients on large capital projects; a perk that, as we saw in the last chapter, helped to skew derivative business into the hands of creditor states. The US Government under- writes each institution. In the case of PEFCO, this provides a subsidy to a coalition of private interests with particular exporting interests since all PEFCO’s loans are guaranteed by Eximbank, allowing PEFCO to undertake no (costly) evaluation of credit risks or appraisal of country conditions itself. PEFCO’s stockowners are predominantly commercial banks, 49 in 1992, dropping to 24 in 2008. For the common affairs of the European bourgeoisie When combined, the available value that these institutions can put into global liquidity is small compared to private markets in the core areas of the world system such as North America and Europe, but large rela- tive to smaller markets in the poorest countries, and also large relative to the members’ contributions. This is because the actual amounts members pay in are only tiny: the bulk of the money is then subse- quently raised on capital markets using the reputation of the members. This reputation of members means that the risk of non payment is PRIVATE SECTOR DEVELOPMENT AND BILATERAL INTERVENTIONS [ 149 ] Bracking_09_cha08.qxd 13/02/2009 10:56 Page 149 MONEY AND POWER [ 150 ] Table 8.2 Financial performance of CDC and eleven comparable organisations in 1990–91 Name of Status Country Balance organisation (a) of origin sheet value of investments, 1990–91 (b) (£ mill.) EIB Established under Treaty of EC 43,965 Rome. Owned by member states of EU CCCE (c) Public institution France 6,151 IFC Shareholders are the member International, BWI 2,385 countries 3i Private company. UK 2,312 Shareholders are UK banks CDC Public corporation UK 957 DEG Limited liability company Germany 304 owned by government FMO Public limited company with Netherlands 216 government as 51% shareholder IFU Autonomous fund established Denmark 64 by Act of Parliament OPIC Government body United States 33 (d) SBI Company majority Belgium 25 government-owned with private shareholders SIFIDA Private company Luxembourg 22 EDESA Private company. Luxembourg 19 Shareholders are European banks and international industrial companies Total 56,453 Notes: (a) Names of organisations in full: BWI (Bretton Woods institutions), CCCE (Caisse Centrale de Cooper- ation Economique), CDC (Commonwealth Development Corporation), DEG (Deutsche Investitions und Entwicklungsgesellschaft mbH), EDESA (EDESA SA), EIB (European Investment Bank), FMO (Neder- landse Financierings-Maatschappij voor Ontwikkelingslanden), IFC (International Finance Corporation), IFU (Industrialiseringsfonden for Udviklingslandene), OPIC (Overseas Private Investment Corporation), SBI (Société Belge d'Investissement International SA), SIFIDA (SIFIDA Investment), and 3i (3i Group plc). (b) Year ends falling within the range July 1990 and 30 June 1991 as 1990–91. (c) CCCE is now known as the Agence Française de Développement (AFD). (d) Also has £833 million of US Treasury securities to back up its export credit insurance and investment risk guarantee activities. Source: Monopolies and Mergers Commission (1992), Commonwealth Development Corporation: A Report on the Efficiency and Costs of, and the Services Provided by, the Commonwealth Development Corporation (London, HMSO), June. Compiled from Appendix 4.2: Financial performance of CDC and eleven comparable organisations, tables 1 and 2, pp. 145-6. From the published accounts of the organisations. Bracking_09_cha08.qxd 13/02/2009 10:56 Page 150 negligible, while investors are also reassured that profits from the banks are normally generous. For example, the EIB, similarly to the World Bank, IFC and AfDB that were examined in chapter 4, has only a small proportion of usable funds provided by member states in the form of an interest subsidy and ‘risk capital’ drawn from the European Development Fund or Community budget resources. The bulk of its resources are borrowed from capital markets, mainly through public bond issues, where it has been regularly endorsed by the ‘Triple-A’, or ‘AAA’ rating awarded to its securities. There are currently 17 European members in the European Development Finance Institutions (EDFI) organisation, with a consolidated portfolio for all EDFI members at year end of 2007 of €15.1 billion (euros) (EDFI 2007) or $24 billion (dollars), 1 while members make new commitments every year to the value of about one-third of their portfolios (EDFI 2006). Furthermore, since 2004, ten members of the EDFI have formed a joint venture company – European Financing Partners (EFP) – with the European Investment Bank (EIB) to support projects in ACP countries with which the EU has a special relationship under the Cotonou (formerly Lomé) Agreement (Storey and Williams 2006: 2). Table 8.3 shows further DFIs not included in the MMC review; a table which owes a great deal to the work of Storey and Williams (2006). These EDFIs illus- trate how collective membership of states, which cannot go bankrupt, create credit resources for other poorer states, which also theoretically, if not de facto, cannot go bankrupt, using global capital markets. Table 8.3 shows how most of the European DFIs have a special responsibility for their own national firms, often having to be in a part- nership with them, or privilege their interests. Also, however, the set of institutions often work together. There was, after the onset of the debt crisis, a sharp growth in the co-financing of projects between the Bretton Woods institutions, EC bilateral finance companies and regional development banks, creating a system of finance from a reac- tive response to crisis. Private funds dried up and DFIs expanded rapidly. For example, the CDC had long worked with the World Bank and IFC, mainly on infrastructural projects, but during the 1980s and 1990s increased this co-operation through venture capital and finance companies, and in the early 1990s, in terms of Africa, by involvement with the IFC-conceived Africa Project Development Facility (APDF) 2 and Africa Management Services Company (AMSCO) (CDC 1991: 15). By 1993, some 18 and 20 per cent of CDC’s portfolio was co-financed with the World Bank and IFC, respectively (HC 1994: 5). The CDC also expanded alongside other European DFIs under the auspices of the Interact Group, which initially had been set up in 1972, pending Britain’s accession to the European Community, as a ‘joint working group’ to structure co-operation and ‘anonymously entitled the PRIVATE SECTOR DEVELOPMENT AND BILATERAL INTERVENTIONS [ 151 ] Bracking_09_cha08.qxd 13/02/2009 10:56 Page 151 [ 152 ] Table 8.3 A wider set of European development finance institutions Name of Status Country Value of Comments organisation (a) of origin investments AWS Wholly owned by government Austria Austrian Council for Research and Technology Development provides recommendations for companies and researchers to support. The focus of the bank is explicitly on supporting Austrian firms to expand overseas, primarily in new European member states. BIO 50/50 public-private Belgium By end-2004, The bank provides equity to private companies and financial institutions, partnership between BIO had a taking a minority stake (generally not more than 35%). Untied to the government and Belgium committed involvement of Belgian firms. Corporation for International portfolio of Investment €49 mill. SBI-BMI Semi-public investment Belgium SBI-BMI’s Major shareholders include Belgian public institutions, the Federal company equity capital Investment Company and the Central Bank of Belgium as well as private currently companies. The bank’s main objective is to co-invest with Belgian amounts to companies €33 mill. COFIDES Majority-owned (61%) Spain Ownership through three public institutions: the Spanish Institute for by government Foreign Trade, the Institute for Official Credit and the National Innovation Enterprise. The remaining 39% ownership stake is held by the three largest commercial banks in Spain: BBVA, SCH and Banco Sabadel. Spanish Government trust funds used to support Spanish investments abroad. Corvinus State-owned Hungary Co-investments with Hungarian industrial investors in foreign countries as International a minority stakeholder. The bank and its investment partner must Investment Ltd together control a majority stake in the target company. Bracking_09_cha08.qxd 13/02/2009 10:56 Page 152 Table 8.3 continued Name of Status Country Value of Comments organisation (a) of origin investments DEG DEG is a subsidiary of Germany The board of supervisory directors of the parent bank KfW largely KfW, a state-owned appointed by the Government, including the chairman and deputy German bank chairman. Aid is untied. Finnfund Majority government-owned Finland At end 2004, The state of Finland owns a 79.9% share in Finnfund. Finnvera, the state- portfolio owned official export credit agency of Finland, owns 20% and the valued at Confederation of Finnish Industries owns 0.1%. If a project sponsor is not €91 mill. a Finnish parent company, it must be some other link to Finnish interests. FMO Majority government-owned Netherlands Investment The Dutch State holds 51%; large Dutch banks hold 42%; the remaining portfolio of 7% of shares are held by employers’ associations, trade unions, some 100 almost €2 bill. Dutch companies and individual investors. Untied aid, but must conform with government development cooperation policy. IFU Wholly state-owned Denmark The total For OECD DAC list of development aid recipients (and with the equity capital exception of South Africa, GNP per capita less than $2,604). IFU/IØ for the two participation conditional on presence of Danish co-investor. funds amounts to €379 mill. IØ Wholly state-owned Denmark Focuses on countries in Central and Eastern Europe. Officially independent, but Minister for Foreign Affairs appoints the Supervisory Board and the Managing Director. Needs Danish co-investor. Swedfund Wholly state-owned Sweden At the end of Representatives of the Ministry of Finance and the Ministry of Foreign 2004 had a Affairs sit on the board of directors. The bank’s terms of reference aligned total invested to government development policy. Swedfund co-operates with the portfolio of Swedish Trade Council; the Council seeks to make it easier for Swedish around companies to grow internationally. €55 mill. [ 153 ] Bracking_09_cha08.qxd 13/02/2009 10:56 Page 153 [ 154 ] Table 8.3 continued Name of Status Country Value of Comments organisation (a) of origin investments SIMEST State-controlled Italy At end of 2004 SIMEST’s private sector shareholders include major Italian banks and held equity business organisations, but it is controlled by the Italian Ministry for interests Productive Affairs. Aim is to promote Italian investments abroad. Takes valued at equity stakes in Italian firms and joins joint ventures. €157.3 mill. Norfund Hybrid state-owned company Norway At end 2004 Board of directors is appointed by the Norwegian Parliament. Untied aid, capital of but concentrates on priority partner countries of Norway’s development approx. co-operation programme. €330 mill. PROPARCO Majority state-owned France Bank’s total The Agence Française de Développement (AFD, formally CCCE), owns a lending is 68% share. The remaining shares are owned by IFIs, and French finance €497 mill. institutions and companies. The AFD has two permanent positions on the board of directors. The Ministry of Economic Affairs and the Ministry of Finance are also represented on the board. Untied. Notes: (a) Names of organisations in full: AWS (Austria Wirtschaftsservice Gesellschaft mbH), BIO (Belgische Investeringsmaatschappij voor Ontwikkelingslanden), COFIDES (Compañía Española de Financiación del Desarrollo), IFU (Industrialisation Fund for Developing Countries), IØ (Investment Fund for Central and Eastern Europe), PROPARCO (Société de Promotion et de Participation pour la Coopération Economique), SBI-BMI (Société Belge d’Investissement International S.A., Belgian Corporation for International Investment), SIMEST (Società Italiana per le Imprese all’Estero), and Swedfund (Swedfund International AB). Source: Compiled from Storey and Williams (2006). Bracking_09_cha08.qxd 13/02/2009 10:56 Page 154 Interact Group a club rather than an institution’, in order to ‘harmonise procedures and to provide the means of co-financing’ (CDC 1982: 11). There were eight members of Interact in the early 1980s, jointly responsible for £1.6 billion annually (CDC 1983: 10). 3 Interact is now incorporated within EDFI, with working groups that meet regularly and a CEO group that meets annually, all for the ‘exchange of views on development topics’ (EDFI 2007). The European institutions had ‘widely differing relationships over- seas’ which led to ‘fruitful areas of co-operation’ with, for example, the CDC specialism in agriculture used to provide ‘know-how’ to DEG, who ‘had long wished to participate in agricultural development but lacked German partners’, while the Caisse Centrale de Coopération Economique (CCCE) ‘introduced CDC to the Ivory Coast’ and in turn, by 1982 their funds were ‘becoming available’ for projects in Anglo- phone Africa (CDC 1982: 11). In Tyler’s periodisation of the CDC – The Development Bank (1964–83); The Development Finance Institution (1984–94); The Emerging Private Equity Investor (1994–2000); and The Fund of Funds (2000–present) (Tyler 2008) – this cross-investment helped the CDC move from its first to its second model, with several large agribusiness ventures jointly promoted, acquired and managed, with CDC now the principal vehicle of British PSD, with private busi- nesses as recipients and investments on or near commercial terms. By 1996, CDC was charged with placing 25 per cent of all new investment in equity (Tyler 2008: 18). Investments were even made in countries where governments had defaulted on their sovereign debt obligations to CDC, but where deals had been struck and CDC accepted debt service payments in local currency in order to reinvest them. 4 Agribusi- ness represented 54 per cent of CDC’s total African investment portfolio in 1996 (Tyler 2008: 18). However, Tyler summarises that ‘generally, investing as a minority partner alongside private entrepreneurs was not a success’, since some had little capital of their own, viewed projects as ‘low stakes gambles’, had little experience or were ‘expert fraudsters’ (2008: 19), such that ‘CDC made a substantial loss on the African agribusiness investments that it made during this period, writing off over half of the capital invested’ (2008: 20). This desire to support private-sector development left as its legacy an enriched state class of new equity owners and an impoverished capital account on the balance of payments of poor countries in so far as state guaranteed loans were implicated in the fail- ures. Many parastatal agricultural development authorities also took stakes, such as ARDA in Zimbabwe, in Rusitu Valley dairy production, the Cold Storage Commission and South Downs Tea, and were then left with increased debt burdens when the project failed but no income streams when the project succeeded and was privatised, such as with PRIVATE SECTOR DEVELOPMENT AND BILATERAL INTERVENTIONS [ 155 ] Bracking_09_cha08.qxd 13/02/2009 10:56 Page 155 [...]... gave a telling analysis of the political gain to the British elite of having the CDC, despite the erosion of its developmental role by commercialisation: I think it can be argued that it suits the current government, to maintain CDC, doing a bit of what its doing because it doesn’t cost the government anything If they cut the supply of funding, and let ourselves fend for ourselves from the turnover... exchangeable equity Pools of venture capital funds were created in this period, by CDC, IFC and other DFIs, to liquidate the new exchanges In the current period there is resurgence in private sector finance, alongside a spurt in growth in some private sectors, while the Great Predators retain a leading role in listing stock for companies, and in sponsoring financial institutions and instruments The IFC set up... explored in chapter 6, depending on how concessional they are But in either category they increase the UK’s apparent contribution to international aid The CDC official used the example of Sri Lanka, where ‘just little dribs and drabs’ of aid money were appearing but where CDC could invest and: they can then say, it’s aid So it’s a political thing, and for political reasons I think they will keep the CDC... their being called the Great Predators , as they have collectivised the common interests of capital owners in Europe and North America, represent them through a pseudo-public institution and then roam global market places and the national stock exchanges of poorer countries looking for large national firms to invest in In this, they fundamentally sponsor inequality Much has been said of the ‘missing... Thus, direct investment sent abroad by British companies during the single year 2006 rose to £49.4 billion (an increase of £4.9 billion on the amount invested in 2005), contributing to an International Investment Position (the overall level of foreign direct investment) at the end of 2006 of £734.7 billion, which then generated earnings of £84.6 billion, the highest level ever recorded (Office for National... would cause the CDC to lose its ‘mission’ and he was correct; by 2008, the new generation of bankers had done their work What is perhaps surprising is that the Government can still pretend to be doing its utmost for the private sector development of poor countries, despite such changes in the CDC’s ownership Therein lies the great power of the symbolic arsenal of the Great Predators A critique of development... large investments also in mining and quarrying, particularly in South Africa While these investment positions are comparatively small in global terms, are unevenly spread and are largely stagnant with the exception of South Africa, their profitability is still very high, absolutely and comparatively If the earnings from these investment positions are expressed as a percentage of the value of the investment,... efforts to capital owners The rise of investment value premised on South Africa is illustrated in Figure 9.2, where the top line is the value of investments in ‘Africa as a whole’, while the second is the value of investments in South Africa, plotted for the years 1997–2006 A review of the fairness of British economic relations overseas The figures above reflect outgoing investments, but what is perhaps... for market intervention done on the Predators own accounts, but the PSD instruments themselves are not the new, catalytic, cutting edge and superior policies that is pretended Instead, they tend to support capital exports and agglomerations of their national and regional interests abroad, in the case of the European and North American DFIs at least The sheer size, scope and profitability of these DFIs... Africa dwarfed all other investment flows to Africa in this period, being more than four times the amount of all the other countries listed put together, and singularly constituting over 71 per cent of the total for all of Africa The nearly £22 billion investment flow for the period 1997–2006 helped to generate an investment position in Africa worth around £15.5 billion at the end of 2006, up from just . widely, as well as a rare insight on the profitability of the Great Predators. The MMC ranked the profitability of the CDC and other bilateral equivalents in terms of the gross income that each organisation. appoints the Supervisory Board and the Managing Director. Needs Danish co-investor. Swedfund Wholly state-owned Sweden At the end of Representatives of the Ministry of Finance and the Ministry of. finance, alongside a spurt in growth in some private sectors, while the Great Predators retain a leading role in listing stock for companies, and in sponsoring financial institutions and instruments. The IFC set