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Posted on May 8, 2023 | Updated at 9AM

ADB and FinDev Canada Partner To Support Sustainable and Inclusive Investments in Asia and the Pacific

MOU signing Lori Kerr and Suzanne Gaboury

Incheon, Republic of Korea (May 8, 2023) – The Asian Development Bank (ADB) and FinDev Canada have signed a memorandum of agreement to cooperate on sustainable and inclusive private sector investments that promote sustainable development in Asia and the Pacific.

ADB formalized its partnership with FinDev Canada to jointly support private sector growth and investments in emerging and developing markets which advance women’s economic empowerment, climate action, and local market development. The signing ceremony took place on the sidelines of ADB’s 56th Annual Meeting.

"Asia and the Pacific needs more investments in climate action and though ADB is increasing these investments and providing innovative solutions, the impact of our support is amplified when we work closely with partners,” said ADB Director General for Private Sector Operations Suzanne Gaboury. “This partnership will deepen our collaboration with FinDev Canada on socially responsible and environmentally sustainable finance to develop the region’s private sector.”

Under the agreement, ADB and FinDev Canada will identify potential projects that qualify for co-financing by both parties. Activities will be focused on projects that meet ADB and FinDev Canada’s investment criteria in priority sectors. The collaboration will be further strengthened by regular knowledge sharing of country and sector strategies and sustainability-related data.

“As we look to support the private sector in the Indo-Pacific region, ADB is the ideal partner with close to 60 years of experience, and we are excited by all the possibilities this partnership offers", said FinDev Canada Chief Executive Officer Lori Kerr. "We are looking forward to working together towards the shared goal of mobilizing private capital to accelerate economic growth and the transition to a low-carbon, climate- resilient future."

FinDev Canada is Canada’s bilateral development finance institution. It supports development through the private sector in emerging markets and developing economies with financing, investment, blended finance solutions, and technical assistance. It aims to promote sustainable and inclusive growth with a focus on climate action, women’s economic empowerment, and market development in alignment with the Sustainable Development Goals and Paris Agreement commitments. FinDev Canada is a Canadian Crown corporation and subsidiary of Export Development Canada.

 ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.