FinDev Canada and BIO, the Belgian Investment Company for Developing Countries, today signed an agreement that will further collaboration to support the sustainable growth of the private sector in developing countries.
The Memorandum of Understanding facilitates the sharing of best practices and the exploration of joint transaction opportunities in common geographical areas, such as Latin America and Sub-Saharan Africa.
The signature took place at the FinDev Canada office in Montreal.
The two development finance institutions (DFIs) share a strategic focus on agribusiness, financial institutions as means to reach SMEs, and green growth, specifically improved access to energy and water, as well as a regional concentration in Latin America and Sub-Saharan Africa.
Both institutions are committed to contributing to the achievement of the Sustainable Development Goals (SDGs), concentrating their efforts in private sector activities that have an impact on SDG 7, affordable and clean energies, SDG 8, decent work and economic growth and SDG 9, industry, innovation and infrastructure.
“BIO and FinDev Canada begin today a promising collaboration by working together to enable sustainable private sector businesses through positive impact in developing countries.” said Suzanne Gaboury, FinDev Canada’s Chief Investment Officer. “By strengthening partnerships with our peers, we will help realize the Sustainable Development Goals by accelerating impact through our joint efforts.”
“BIO heartedly welcomes FinDev Canada as the world’s newest Development Finance investor, and its strong focus on gender lens investing and development impact. We look forward to more co-investments with FinDev Canada and joint efforts to achieve optimal development effects on them.”
BIO and FinDev Canada are among the first adopters of the Operating Principles for Impact Management, a series of guidelines launched by the International Finance Corporation (IFC) during this year’s World Bank Spring Meetings. The Principles aim to standardize best practices in impact investing.
About FinDev Canada
The Development Finance Institute Canada Inc., operating under the FinDev Canada brand, is a Canadian institution dedicated to providing financial services to the private sector in developing countries with the aim of combating poverty through economic growth by focusing on three main themes: economic development through job creation, women economic empowerment, and climate change mitigation. The Development Finance Institute Canada Inc. is a wholly owned subsidiary of Export Development Canada (EDC). Find out more about FinDev Canada here.
About the Belgian Investment Company for Developing Countries (BIO)
BIO (www.bio-invest.be) is a private company whose capital is held by the Belgian state. The mission of BIO is to support a strong private sector in developing and/or emerging countries, to enable them to gain access to growth and sustainable development with the aim to achieving the Sustainable Development Goals. BIO invests directly and indirectly in private sector projects and as such makes a structural contribution to the socio-economic growth of those host countries. Its mandate requires strict criteria in terms of geographical targets, financing tools and, above all, impact on development.
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