U.K government owned CDC Group Plc, created to invest in its former colonies, said in its annual report released on Thursday that the value of its net assets was down 13 percent in 2008.

The value of assets, which are located around the world, fell to 2.33 billion pounds from 2.69 billion pounds in 2007.

“The fortunes of developing economies are inextricably linked to those of the developed world,” wrote CDC Chairman Malcom Williamson. “Trading conditions are still fragile.”