Transcription of Lori Kerr's speech as part of the morning plenary at the Canada-In-Asia Conference (CIAC) in Singapore.
Hosted by: Canada-In-Asia Conference (CIAC)
Date: February 20, 2025, 09:50 AM
Location: Fairmont Singapore
FinDev Canada speaker: Lori Kerr
[Check Against Delivery]
Good morning – thank you to the Canada in Asia Conference, The Honourable Minister Grace Fu, The Honourable Minister Mary Ng, Jeff Nankivell (President of the Asia Pacific Foundation of Canada), Gabriel Miller (President of Universities Canada), and the esteemed colleagues and partners with us.
It is a pleasure to be here today to share with you all an exciting next chapter in our journey at FinDev Canada.
For those of you who may be less familiar, FinDev Canada is Canada's bilateral Development Finance Institution.
Established in 2018, we support development through the private sector by providing financing, investment, and blended finance solutions, as well as technical assistance and advisory services, to support sustainable and inclusive growth in emerging markets and developing economies.
We work across three sectors:
- The Financial Industry (local and regional banks, non-bank financials, and private equity funds), with the intent of strengthening institutions and access to financial services in the markets we serve;
- Agribusiness and Forestry, and their related value chains, to support food security and address opportunities to support climate action; and
- Sustainable Infrastructure, supporting the development of low-carbon, climate-resilient infrastructure in the power, transportation, water, and digital sub-sectors.
As a DFI, we are focused on impact and have three impact goals through which we look when we make our financing and investment decisions – Climate and Nature Action, Gender Equality, and local Market Development.
Now, when we first opened our doors in 2018, we were focused on Sub-Saharan Africa and Latin America and the Caribbean.
Then, the Government of Canada – as part of its broader Indo-Pacific Strategy – expanded FinDev Canada’s mandate to include this region. Something we are incredibly excited about.
So, we jumped into action just over a year ago in January 2024.
This opportunity to engage in emerging markets and developing economies in the Indo-Pacific is timely.
The world is currently undergoing multiple, interconnected, expected and unexpected transformations – economic, political, and social. And emerging markets and developing economies are coming under strains that threaten to stall – and even backtrack – development gains.
Simply put, the need for sustainable investment – and the opportunity to have impact – is more urgent than ever.
This could be bolstering access to sustainable finance via the financial industry or supporting seeds-to-supermarkets across agriculture value chains….
Or let’s think about infrastructure, where much of what the region needs is yet to be built.
And to illustrate this point, I wanted to share a recent story we lived in Thailand – a country with an important infrastructure transformation underway.
Like many countries, Thailand made the decision a few years ago to shift the make-up of its energy mix towards renewables.
Their goal is to generate more than 25% of their electricity from renewable sources by 2037, which would help put the country on the path towards achieving carbon neutrality by 2050, and net-zero greenhouse gas emissions by 2065.
This is where FinDev Canada comes in...
Last year, FinDev Canada made a 59 million USD loan to Gulf Renewable Energy. Our loan is helping finance the construction and operation of twelve solar PV projects, some with battery energy storage across Thailand.
Once in operation, these projects will generate over 1,400 GWh of renewable energy per year and avoid over 600,000 tons of CO2 emissions annually – that’s the equivalent to taking more than 130,000 cars off the road!
Combining solar-generated electricity with battery storage will enhance the reliability of the power grid. This integration offers energy during peak demand while supporting energy security, thousands of local jobs (many of which are for women!), and market growth.
Opportunities like this one with Gulf are why we are here. By working with the private sector and bringing our expertise and risk appetite for emerging markets to the table, we can help get a market-based solution that has impact over the line.
And that focus on opportunity brings me to why I am here with you today.
We seek to be a trusted partner in the region. This is why FinDev Canada is taking an important step forward in our journey.
We are pleased to announce we are opening our first office outside of Canada right here in the dynamic global financial hub of Singapore.
Singapore represents a strategic gateway to the Indo-Pacific, and a platform to continue financing development through the private sector.
Why open in the Indo-Pacific?
In a word. Opportunity.
The Indo-Pacific is dynamic. The population is young, growing and urbanising. This region is a cornerstone for global development – an engine of economic growth and innovation, and we are excited to be part of it.
At the same time, emerging markets and developing economies within the region face significant development challenges – and therefore offer an abundance of investment opportunity.
Take as an example (as I mentioned earlier) the infrastructure sector – where there is a 1.7 trillion USD annual investment demand for sustainable infrastructure in all its forms – from energy to water and sanitation to roads to internet.
With our new office in Singapore, and building and deepening business relationships across the region, we will be better positioned to identify and enable these opportunities.
If “Opportunity” is the answer to “WHY”...
…“Partnerships” are the answer to “HOW”
As a local proverb in Singapore says, “One hand can’t clap. It takes two – working together – to make a sound.”
This is how we approach our work at FinDev Canada. We believe in building relationships – collaborating with businesses, with banks and investors, and with governments.
Our partnerships with development finance institutions, such as the Asian Development Bank, reflect our conviction that we can do more by working together.
As I often tell my team, our business only moves at the speed of trust. By opening here in Singapore, we want to earn and build your trust in the region.
In conclusion, of all the places to open our first office outside of Canada, we intentionally chose the Indo-Pacific and Singapore – and we couldn't be more excited.
We are open for business, and we invite you to join us on this journey.
Thank you.