Canada’s development finance institution will build upon investment in Latin America, the Caribbean and Sub-Saharan Africa and encourage private investments in emerging markets and developing economies (EMDEs) as it expands operations
Montreal, September 17, 2023 – FinDev Canada is celebrating five years of supporting the private sector in EMDEs to promote sustainable development. As it looks to the future, Canada’s development finance institution (DFI) is on a path to grow its operations and increase its impact in the development finance space.
FinDev Canada opened for business in 2018 to support the growth and sustainability of the private sector in developing markets. Over the last five years, the Crown corporation has focused its operations on Latin America, the Caribbean and Sub-Saharan Africa. A CAD 750-million investment by the federal government in November 2022 allows FinDev Canada to expand into the Indo-Pacific to support the broader government strategy for the region and continue to grow its impact in SSA and LAC.
“As we celebrate our fifth anniversary and look to grow, I am confident that FinDev Canada is well-positioned to meet future development finance challenges and grow further into its mandate,” said Lori Kerr, chief executive officer of FinDev Canada. “I am proud of this organization and our goal to support development in line with our impact goals while seeking opportunities to encourage more private investment in developing countries.”
In the past five years, FinDev Canada has supported more than 61,000 jobs in low- and middle-income countries, helping provide more than 3.5 million people with access to energy, technology and financial services. Its private sector clients and corporate partners have helped finance more than 900,000 micro-, small- and medium-sized enterprises.
The organization has built a portfolio totalling more than USD 792 million in private sector investments to 41 clients that generate positive impacts in terms of market development, job creation, climate action and women’s economic empowerment. More than a quarter of those financial commitments support climate finance initiatives in areas such as renewable energy and sustainable forestry, and two-thirds focus on advancing women’s economic empowerment through better access to finance, leadership opportunities, quality employment and economic participation.
About FinDev Canada
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, focusing 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 a subsidiary of Export Development Canada (EDC). Find out more about FinDev Canada here.
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