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<p>CDC invests in accordance with its policy on the payment of taxes and the use of
offshore financial centres which is available on CDCs website. Under this policy,
which has been agreed with DFID and is reviewed annually, CDC’s preference is to invest
directly into the country in which the investee company’s business operations are
located. Where CDC does use an offshore financial centre, it only uses those that
are compliant with international tax transparency standards, as monitored by the Global
Forum on Transparency and Exchange of Tax information.</p><p>As of 31st March 2019,
25% of CDC’s investments are held in CDC investment companies not domiciled in the
UK.</p>
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