Montreal (Quebec), 14 June 2024 – Canada’s bilateral Development Finance Institution, FinDev Canada, will have additional resources to increase its support for sustainable and inclusive development through the private sector in emerging markets and developing countries.
On Thursday at the G7 Partnership for Global Infrastructure and Investment event in Apulia, Italy, Prime Minister Justin Trudeau announced a new $720 million concessional finance facility, that includes $20 million for technical assistance, to be managed by FinDev Canada, starting this year.
“FinDev Canada welcomes the Prime Minister’s announcement of a new concessional finance facility,” says FinDev Canada CEO, Lori Kerr. “This facility will further strengthen FinDev Canada’s suite of solutions, positioning the corporation to deliver on Canada’s international development objectives and in particular the mobilizing of capital to drive sustainable development.”
The concessional facility will grow the range of investments to mobilize additional capital for sustainable development, including from the private sector. Building on the federal government’s $750 million in additional capital announced in 2022 to support FinDev Canada’s global mandate and expansion into the Indo-Pacific region, this funding further strengthens Canada’s development toolkit. This includes $20 million for technical assistance to support FinDev Canada’s clients, close knowledge gaps and advance sustainable investing.
FinDev Canada’s Technical Assistance Facility provides targeted grant support to private sector clients and other market players to build capabilities, deepen their development outcomes and scale sustainability.
The new concessional facility will activate emergent private sector growth in priority markets by targeting blended finance opportunities in sustainable infrastructure, agribusiness and forestry value chains, and the financial industry, and accelerate the mobilization of capital at scale through investment vehicles and platforms. The facility will contribute to climate and nature action, gender equality and local market development.
Since its launch in 2018, FinDev Canada has facilitated nearly $76 million in concessional financing and invested close to $1.3 billion, with 46 private sector clients.
About FinDev Canada
FinDev Canada is Canada’s bilateral Development Finance Institution (DFI), supporting development through the private sector. We provide financing, investment, and blended finance solutions, as well as technical assistance and knowledge, to promote sustainable and inclusive growth in emerging markets and developing economies (EMDEs), in alignment with the Sustainable Development Goals (SDGs) and Paris Agreement commitments. FinDev Canada is a wholly owned subsidiary of Export Development Canada (EDC). Find out more about FinDev Canada at www.findevcanada.ca.
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FinDev Canada
Florence Reinson
Senior External Communications and Media Advisor