commiss decis march state aid unit kingdom plan grant cdc group plc notifi document number english text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof call interest parti submit comment pursuant provis procedur letter date januari unit kingdom notifi commiss aid cdc group plc provid commiss inform letter date june regist june letter date septemb regist septemb letter date regist june letter date juli commiss inform unit kingdom decid initi procedur laid articl treati respect aid commiss decis initi procedur publish offici journal european commun commiss call interest parti submit comment commiss receiv comment interest parti detail descript aid purpos scheme support unit kingdom govern intern develop polici unit kingdom foreign invest develop countri focus richer develop countri believ financi sector poorer countri underdevelop offici market inform invest opportun potenti return inadequ legal basi measur cdc act cdc group plc cdc unit kingdom govern main instrument invest poorer countri purpos cdc maximis creation long term growth viabl busi develop countri poorer countri cdc tax plan instrument instrument repatri passiv incom transform cdc public privat partnership unit kingdom author seek encourag privat invest flow poorer countri cdc expect remedi market failur demonstr commerci return invest govern impos oper framework cdc requir make invest aggreg poorer develop countri roll year period seek make half invest saharan africa south asia unit kingdom author origin intend sell major share cdc letter date august inform commiss current market condit obtain monei sale sale remain object futur open competit full publicis cdc invest opportun aid consist grant cdc invest compani statu compani meet technic requir invest compani set unit kingdom legisl main implic cdc enjoi exempt tax incom chargeabl gain deriv invest activ invest compani investor cdc pai tax circumst unit kingdom author argu cdc tax effici privat investor support partnership unit kingdom author submit long obtain demonstr effect expect year claim attract privat investor commiss initi approv limit year measur notifi unspecifi period unit kingdom author expect effect aid limit tax exempt gbp million eur million small relat total foreign direct invest develop countri gbp million eur million fund invest multilater european develop financ institut intern financ institut european invest bank supran bodi tax system unit kingdom author submit saharan africa south asia receiv privat flow develop countri direct public privat competitor cdc investor level emerg market investor fund emerg market privat equiti fund ethic fund directli competit repres larg multin compani rais fund financ acquisit countri cdc oper level invest altern player includ trade player compani involv industri cdc bui ventur capit fund includ develop financ institut entrepreneur spot good opportun decis open procedur articl treati juli commiss decid aid compat common market due develop object contain posit element set commun state aid risk capit commiss doubt compat common market aid scheme unspecifi durat decid open procedur articl treati doubt express decis open procedur commiss principl approv fiscal quantifi state aid unlimit period time grant state aid perman solut temporari measur aim address specif problem ultim goal obtain fulli function market state intervent commiss find review state aid scheme regularli order ascertain aid view market develop state point ix commun state aid risk capit risk capit invest area rapid develop commun economi reason period applic commun limit year commiss reserv adjust approach period cdc carri kind risk capit invest foreseen commun commiss exclud market ethic invest fund develop aid cdc distort competit affect trade member state significantli greater extent commiss find argument put forward unit kingdom author convinc deviat practic requir state aid case limit time possibl renotif prolong commiss convinc approv initi limit year reduc significantli willing privat investor invest cdc scheme open end commiss member state aid scheme oper member state regular renotif aid scheme lead commiss decis publish provid transpar european council meet barcelona march renew call member state reduc level state aid request time limit line polici indefinit tax exempt difficult reconcil principl european commun oecd initi curb harm tax competit set code conduct adopt decemb part tax packag european union report harm tax competit emerg global issu oecd countri cdc invest candid countri negoti access european union commiss doubt cdc continu invest countri member european union comment unit kingdom letter unit kingdom author refer fact commiss choos unilater initi measur exercis articl treati time believ object scheme attain occur affect cdc special tax treatment letter august regist august unit kingdom author recal joint commiss council declar ec develop polici novemb stress import privat sector develop develop countri cdc central unit kingdom author approach issu unit kingdom author recal articl treati state commun account object refer articl develop cooper polici implement affect develop countri achiev object cdc year time limit request commiss unit kingdom author made comment commiss doubt set recit unit kingdom author state quantifi propos aid emphasis commiss intend bring propos tax exempt cdc end market failur correct aid longer requir unit kingdom author agre aid temporari measur ultim goal achiev fulli function market provis capit poorer develop countri state intervent provid state aid cdc unnecessari view market develop unit kingdom author agre risk capit invest area rapid develop commun economi hope rapid develop includ lead increas ethic invest poorer develop countri agre commiss cdc carri kind risk capit invest foreseen commun unit kingdom author repli approv initi limit year workabl cdc increasingli focus activ seri fund standard industri practic fund lifetim year profit return investor fund launch year commiss approv receiv return profit investor period oper aid unit kingdom author renotifi launch fund gener unit kingdom author estim period year requir correct market failur provis capit emerg market develop capit market septemb timet extend light assess unit kingdom author find year approv commiss state convinc approv initi limit year reduc significantli willing privat investor invest cdc unit kingdom author respond advic invest bank retain unit kingdom govern financi advis cdc give privat investor certainti approv renew commiss initi year period approv renew significantli affect invest concern know state aid scheme oper address separ unit kingdom author recal meet barcelona march make clear unit kingdom level state aid fall line barcelona conclus unit kingdom author emphasis barcelona conclus call priori time limit state aid measur unit kingdom recognis good reason time limit aid measur urg member state target state aid market failur market failur address cdc unit kingdom author propos measur constitut quot harm tax competit quot mean european commun oecd initi harm tax competit initi term quot harm tax competit quot describ unfair measur significantli influenc locat busi activ commun descript appli propos measur object concentr busi activ singl member state increas invest poorer develop countri unit kingdom author agre cdc invest countri member european union address issu time inform reorganis cdc group plc letter date septemb regist octob letter date novemb regist novemb unit kingdom author submit inform request account commiss decis close procedur inform concern plan reorganis cdc consid current manag arrang competit manag cdc capit medium term propos reorganis lead competit market manag invest poorer develop countri effect reorganis separ cdc corpor entiti quot cdc investco quot exist cdc amend articl continu cash invest asset cdc subsidiari basi present cdc investco beneficiari propos tax exempt subject current procedur invest manag compani manco manco establish invest fund geograph sector focu initi africa south asia power sme fund corpor quasi corpor partnership entiti own investor proport hold constitut purpos fund manag fund manag fundco skill experi provid manco manco initi wholli own govern depart intern develop dfid envisag earli stage proport equiti manco offer sale privat investor open competit unit kingdom author advis sale equiti manco smaller straightforward transact sale equiti cdc achiev current market condit cdc investco remain wholli own govern restructur govern intend privat investor brought cdc investco condit structur oper set diagram gt pic file quot en tif quot gt structur manag compani famili fund accept norm intern fund manag industri advantag structur cdc foreseen firstli fund expect rate return risk profil characterist potenti privat investor identifi fund fit invest strategi exagger percept risk prejudic privat equiti investor poorer countri invest effect mitig demonstr success specialis fund specif market thirdli fund structur provid govern transpar monitor manag cost perform abil correct action event underperform propos contract cdc investco manco propos cdc investco contract year period commit capit fund creat manag manco ensur manco initi busi plan feasibl compani financi viabl contract term manag current cdc portfolio ensur continu develop focu exist project year main contract cdc investco free invest uncommit capit fund launch compani manco procur invest manag servic competit basi invest manag chosen cdc investco manco altern select year time cdc investco rang manag includ manco similarli unit kingdom author expect manco manag capit rang investor includ cdc investco cdc investco manco develop focu poorer countri remain unchang end contract broadli standard typic term contract manag invest fund part expect cdc investco contract manco term atyp term exist area term bind manco adher quot cdc univers quot countri social respons busi principl polici valu appli cdc qualifi commit cdc investco invest agre manco manag fund launch year oper manag fee fund depend cdc investco sole investor fund number investor cdc investco remain investor unattract fund fund fee higher higher present structur cdc investco invest fund privat investor pai manag fee comment unit kingdom author reorganis cdc manag indefinit manag cdc capit propos contract finit durat unit kingdom author propos action pro competit statement made unit kingdom notif tax exempt cdc remain valid reorganis retain consist commiss commun state aid risk capit manco innov enterpris focus risk capit market failur poorer develop countri make invest decis commerci basi receiv oper aid distort common market hope reorganis acceler process cdc remedi market failur provis risk capit poorer countri assess presenc state aid articl treati tax exempt inform receiv procedur affect commiss initi assess tax exempt constitut state aid cdc group plc tax exempt lead loss revenu state involv state resourc measur cdc specif advantag cdc grant invest compani statu tax benefit cdc attract privat capit kind invest effect trade member state commiss constant practic state interven creat player intern financi market effect invest flow member state case effect trade competit found limit view specif invest focu cdc group plc beneficiari aid refer quot cdc investco quot reorganis state unit kingdom author contract cdc investco manco atyp term area manco continu bound quot cdc univers quot countri social respons busi principl polici valu appli cdc group plc measur involv state resourc constitut state aid cdc investco commit invest agre manco manag fund launch year oper sum invest constitut state resourc mean articl treati condit fulfil case law court justic public fund involv ii measur imput state iii monei invest prudent investor market economi invest case commiss assess fulfil condit cdc investco initi continu wholli own state privatis postpon undefin period time time decis commit fund public author exercis domin influenc cdc investco fund compani constitut public fund ii measur plan notifi state iii unit kingdom author state contract deal outsourc parent compani core function unusu propos contract li market norm measur involv state resourc mean articl treati cdc investco make commit manco measur specif proport equiti manco privatis year commit fund advantag privat manag compani ensur incom profit manag fee fund manag level manco oper intern activ measur intend ensur viabil compani market measur distort threaten distort competit affect trade member state commiss find cdc investco commit manco constitut state aid manco cover articl treati aid quantifi manco privatis open competit commiss find select level aid pass privat investor manco manag fee vari fund cost reflect cdc investco invest fund privat investor manag fee investor commiss advantag manco privat investor differenti manag fee fund constitut state aid articl treati compat aid articl treati articl treati commiss grant exempt quot aid facilit develop econom activ aid advers affect trade condit extent contrari common interest quot case aid serv facilit develop risk capit invest privat eu investor busi poorer develop countri aid measur assess separ tax exempt decis open proceed articl treati commiss doubt compat aid aid cdc investco grant line commun develop polici set articl treati scheme number posit element commiss commun state aid risk capit number criteria serv ensur fund invest manag market condit creation privatis separ manag compani improv aid fulfil relev criteria doubt express concern durat aid notifi unspecifi period time principl commiss approv fiscal quantifi state aid unlimit period time commiss consid state aid measur temporari ultim goal obtain fulli function market state intervent gener risk capit market develop rapidli exclud notifi aid distort competit affect trade member state significantli greater extent todai rapid develop risk capit market lead increas ethic invest poorer develop countri period aid grant shorten unit kingdom author relev market develop state give special share cdc tax exempt link hand relev market develop distort competit remain limit durat import commiss refer european council meet barcelona march call reduc level aid european commun oecd initi curb harm tax competit true european council barcelona urg member state target state aid identifi market failur notifi measur intend concentr busi activ singl member state expect effect investor cdc tax circumst reason reloc tax exempt cdc investco decis open proceed commiss doubt quot cdc univers quot includ countri expect acced european union unit kingdom author ensur cdc investco invest countri member european union doubt allai addit eea countri includ quot cdc univers quot conclus commiss maintain posit fiscal aid authoris undefin period time commiss find exception aid authoris initi period year specif aim aid unit kingdom author end measur longer limit distort competit absenc comment parti aid authoris longer period request unit kingdom author assess stage market develop properli account unit kingdom author notifi commiss prolong aid end year applic year commit fund manco commiss note reorganis cdc group plc current market condit facilit achiev object scheme attract privat capit invest busi poorer develop countri structur manag compani famili fund accept norm intern fund manag industri commiss note unit kingdom author find cdc investco commit invest agre manco manag fund year oper structur manco guarante incom manag fee commiss accept import safeguard initi viabil manco compani remain instrument unit kingdom develop polici commiss find commit fund year period consid proportion develop object pursu aid manco consid compat common market articl treati decis line articl treati state commun account object refer articl develop oper polici implement affect develop countri conclus commiss conclud aid grant form tax exempt cdc investco compat common market articl treati stage authoris initi period year entri forc end year applic aid unit kingdom author notifi prolong initi year aid grant manco form commit cdc investco invest agre fund launch manco compat common market articl treati approv year period notifi commiss attach great import ongo work harm tax practic european commun level code conduct group oecd level oecd forum harm tax practic cdc make real activ invest countri regim line commun approach respect commiss close monitor annual report submit unit kingdom author adopt decis articl state aid notifi januari form tax exempt unit kingdom plan implement basi cdc act invest compani creat reorganis cdc group plc provision quot cdc investco quot compat common market mean articl treati tax exempt authoris initi period year entri forc state aid form commit invest compani provision quot cdc investco quot invest agre fund unit kingdom plan implement favour manag compani creat reorganis cdc group plc provision quot manco quot compat common market mean articl treati aid authoris period year entri forc relev contract compani implement aid authoris period articl decis address unit kingdom great britain northern ireland brussel march commiss mario monti member commiss oj footnot quot poorer develop countri quot classifi quot low incom quot world bank classifi quot lower middl incom quot world bank gnp capita weight lower middl incom countri definit includ countri world bank collect gnp data oj quot bulletin eu quot develop cooper statement council commiss commun develop polici compani name quot cdc investco quot quot manco quot preliminari name footnot sourc unit kingdom author amount tax revenu foregon depend extent investor cdc liabl tax unit kingdom commiss decis case oj judgement case french republ commiss ecr