FinDev Canada | 2024 Annual Report

The role of development finance in addressing pressing challenges in emerging markets and developing economies

The world is facing uncertain times, as an unprecedented convergence of global challenges unfolds. Worldwide shifts in the political and economic landscapes, as well as deepening development challenges, underscore the urgent need for coordinated global solutions.

As these issues transcend borders, they highlight a stark reality: no nation can shield itself from the cascading effects of global crises. For Canada, this means taking an active role in addressing these challenges through all available tools and seizing the opportunity to continue to demonstrate global leadership through international development.

Canada has a broad toolkit that it can use to help address global development challenges. This toolkit includes humanitarian relief, aid, grants, contributions into the multilateral system and development finance.

As Canada’s bilateral development finance institution (DFI), FinDev Canada is well positioned to leverage its solutions in support of Canada’s international development priorities, fostering deeper economic ties and helping to close development gaps in emerging markets and developing economies (EMDEs).

FinDev Canada has a seven-year track record of supporting sustainable and inclusive economic growth in EMDEs while building a portfolio that will enable the long-term financial sustainability of the corporation.

As we continue to navigate uncertainty, FinDev Canada remains committed to working with and through the private sector to close development gaps. This annual report outlines the organization’s activities and progress in 2024 in support of this objective.

Leadership messages

“

2024 was a transformative year for FinDev Canada, defined by meaningful strides in addressing the most pressing development challenges we face today. As Chair, I am immensely proud of the progress we have made and the impact we continue to have on the world stage.”

Mairead Lavery, Chair of the FinDev Canada Board of Directors
and CEO of Export Development Canada (2019–2024)

Mairead Lavery

Chair of the FinDev Canada Board of Directors and CEO of Export Development Canada (2019–2024)

Word from the Chair

This year, FinDev Canada reaffirmed its commitment to supporting sustainable and inclusive economic growth in emerging markets and developing economies through financing and investing in sustainable infrastructure, in agriculture and forestry, and across the financial industry supporting climate and nature action, gender equality and local market development.

The Board of Directors has played a critical role in guiding FinDev Canada’s strategic direction, with particular emphasis on its role in informing the development of the 2025–2029 Corporate Plan, its work in establishing the corporation’s first foreign office in Singapore, and further expansion of the organization’s international presence.

As I conclude my term as Chair of FinDev Canada, I extend my best wishes to the organization’s new Chair, Alison Nankivell, who now leads the Board of Directors in providing stewardship and strategic guidance in support of FinDev Canada’s work in driving development through the private sector. I would also like to express my sincere thanks to our CEO, Lori Kerr, and the entire FinDev Canada team for their dedication and passion. I leave an organization of which I am extremely proud, confident that it is well positioned to deliver positive change and continue to make meaningful contributions to Canada’s international development priorities.

“

Lori Kerr, Chief Executive Officer

Lori Kerr

Chief Executive Officer

Word from the CEO

2024 was a year of remarkable achievements and meaningful progress for FinDev Canada. As we continue to support development with and through the private sector in emerging markets and developing economies, I am proud to highlight how we have grown our portfolio, deepened our impact, and further strengthened the groundwork for continued future success.

This year, we continued to support private sector initiatives that advance climate and nature action, gender equality, and market development through financial and non-financial solutions. Our 2024 financing commitments supported areas such as sustainable infrastructure and agriculture, nature-based solutions and access to finance for small and medium-sized enterprises (SMEs) through local financial institutions. Notable highlights include our support to the first Latin American private credit climate finance fund and to Costa Rica’s first blue bond. We also signed our first investment in the Indo-Pacific region to help expand renewable energy capacity in Thailand.

Recognizing the critical role of private capital mobilization, we are proud of the progress made alongside our partners MUFG Bank, Ltd., the Green Climate Fund and Climate Fund Managers on GAIA, the USD 1.48 billion blended finance platform for adaptation and mitigation projects in EMDEs. Officially announced at COP29, GAIA will enable us to mobilize private capital to support innovative climate solutions that contribute to building low-carbon, climate-resilient economies.

In 2024, we received a significant boost with the Government of Canada’s announcement of a new CAD 720 million concessional finance facility, of which CAD 20 million will be used to expand our Technical Assistance capacity. This facility will strengthen our blended finance toolkit, enabling us to mobilize private capital and offer more flexible financing options to our clients.

Our partnerships with G7 development finance institutions also deepened, particularly as Canada assumes the G7 presidency in 2025. We have continued to lead initiatives focused on mobilizing private capital for sustainable food systems, energy and infrastructure, and other critical areas, leveraging our collective expertise and resources to drive meaningful change. These collaborations are essential as we work together to reduce global inequalities and promote sustainable development.

In terms of our portfolio, 2024 saw impressive growth, with total financing and investment commitments increasing by 54% compared to the previous year. We now manage over CAD 1 billion in assets, a number that is forecast to grow to CAD 4.8 billion over the next five years.

Key performance indicators for 2024 include:

USD 505.1 million in new commitments signed, including USD 52 million in Least Developed Countries (LDCs).
USD 316 million in commitments under the 2X Challenge, advancing women’s economic empowerment through better access to finance, leadership opportunities, quality employment and economic participation.
USD 131.9 million in private capital mobilized.
48 total clients, reflecting our expanding reach and impact.

As we look ahead, we are excited about several operational developments that position FinDev Canada for continued growth and even greater impact. Among them is the formal opening of our first international office in Singapore in support of our expansion into the Indo-Pacific region. As I often tell my team, our business only moves at the speed of trust. By establishing a presence in the regions we serve, we aim to become a trusted partner and increase opportunities for collaboration. Our presence in Singapore will enhance our ability to support private finance and investment in the region, aligned with Canada’s international development priorities.

I want to extend my heartfelt thanks to our Board for their continued guidance, and our clients and partners for their trust and commitment to promoting sustainable and inclusive economic growth in EMDEs. Most importantly, I am deeply grateful to the entire FinDev Canada team for their unwavering commitment and enthusiasm toward our mission. Together, we will continue to support positive change and make a meaningful impact on the world.

2024 highlights

Regional presence

FinDev Canada is set to expand its presence into the Indo-Pacific region with the opening of a branch in Singapore in the first quarter of 2025. This presence looks to build relationships with businesses, banks, investors, peer organizations and governments in the region. This will enable the organization to identify financing and investment opportunities, and to deepen collaboration, in support of sustainable and inclusive economic growth.

Looking ahead, FinDev Canada will continue to grow its regional footprint, strengthening ties with the private sector in emerging markets and developing economies, and deepening collaboration with regional partners.

Progress on GAIA

At COP29 in November 2024, FinDev Canada, MUFG Bank, Ltd. and the Green Climate Fund, along with the fund manager Climate Fund Managers, announced that they had finalized the commercial terms for launching GAIA, with first financial close expected in 2025. Initially announced in October 2023, GAIA is a USD 1.48 billion blended finance platform offering long-term loans for climate adaptation and mitigation in 19 of the most climate-vulnerable countries in EMDEs. The Fund expects to make its first investments shortly after closing.

Partnerships for increased impact

As Canada assumes the G7 presidency in 2025, FinDev Canada is taking a leadership role in working with peer DFIs to explore how best to leverage the power of the private sector to innovate, create jobs and develop markets to solve global challenges.

The G7 platform provides a unique opportunity for our organizations to come together, build consensus on shared priorities, and demonstrate to our partners, clients and shareholders the collective value we bring in advancing sustainable development and social progress through private sector growth and investment.

Aligned with the Canadian presidency’s priority on financing for development, this year’s G7 DFI strategy will focus on mobilizing private capital and developing coherent approaches to strengthen investments in infrastructure and energy, critical mineral development, and sustainable food systems in emerging markets and developing economies.

Financial overview

In 2024, FinDev Canada’s net financing and investment income was CAD 55.6 million, an increase of CAD 26.5 million compared to the same period for 2023. This growth was primarily due to higher loan revenue resulting from the expansion of our loan portfolio. Total assets increased by CAD 446.4 million compared to December 2023, reflecting continued growth in both our loan and equity investment portfolios. Administrative expenses were CAD 2.9 million below the estimations outlined in our Corporate Plan, demonstrating strong cost management and operational efficiency.

Investment updates and featured transactions

Signed deals in 2024

Approved deals in 2024

Aligned with SDGs

clients in portfolio

1.3B

in total signed commitments¹

64.5%

in 2X investments²

38%

in climate finance investments³

14%

of investments in LDCs/SIDS⁴

New commitments
Impact reported by clients
Equity versus debt
By country income group
By sector
By SDGs
By Geographical focus
2x Alignment

New commitments

New commitments (USD)

30M

2018

64.3M

2019

107M

2020

285.5M

2021

168.5M

2022

275.7M

2023

505.1M

2024

Impact reported by clients

Impact reported by clients*

Market development

223,259 jobs supported
325,611 MSMEs financed

Gender equality

89,682 jobs for women
107,644 women-owned MSMEs financed

Climate and nature action

3,564 GWh of clean energy produced
61,339 tCO₂e sequestered emissions

* These figures are based on the most recent data reported by clients.

The reported numbers are unattributed to FinDev Canada’s contribution, with the exception of sequestered emissions (tCO₂e), which is attributed to FinDev Canada’s contribution. In the case of jobs, the number encompasses employment supported by all types of clients within our portfolio, including financial institutions, corporations, funds and their clients.

Proxies have been used where client data has not been reported for 2024.

Figures reflect total MSMEs and women-owned and led MSMEs supported by our clients in 2024.

Equity versus debt

Equity versus debt (% total commitments)

22% Indirect equity
5% Direct equity
73% Debt

By country income group

8.6% LIC
26.3% LMIC
65.1% UMIC

UMIC: Upper-Middle-Income Country

LMIC: Lower-Middle-Income Country

LIC: Lower-Income Country

By sector

22% Sustainable
infrastructure
18%Agribusiness
and forestry
value chains
59% Financial
industry
1% Other

By SDGs

By SDGs (number of clients)*

SDG 8

SDG 5

SDG 7

SDG 13

SDG 9

SDG 12

SDG 2

SDG 10

SDG 6

SDG 14

SDG 15

SDG 1

SDG 3

SDG 11

SDG 17

* One client can contribute to multiple SDGs.

By Geographical focus

By geographical focus

Region

Clients

Amount (USD)

Sub-Saharan Africa

560.6M

Latin America and the Caribbean

647.7M

Indo-Pacific

99.3M

Multiple

40M

2X-aligned investments

2X-aligned investments²

Region

Clients

Amount (USD)

Sub-Saharan Africa

312.6M

Latin America and the Caribbean

437.7M

Indo-Pacific

99.3M

Multiple

20M

Qualifying criteria*

Criteria

Clients

Entrepreneurship and ownership

Leadership

Employment

Products and services

Investments through financial intermediaries

* One client can align with multiple criteria.

¹ All figures refer to the active portfolio in 2024 and do not include any transactions that have matured in 2024 or previous years. The total of the portfolio for each year excludes transactions that matured that year.

² 2X-aligned capital represents 64% of our total commitments to date, totalling USD 869 million across 38 clients. Given the considerable portion of financial institutions and funds in our portfolio, our clients typically qualified on several 2X criteria (the most common ones being leadership, employment and indirect criteria for financial intermediaries).

³ The climate finance measure tracks the percentage of proceeds directed to climate finance. FinDev Canada uses the joint methodology and common principles developed by the multilateral development banks and the International Development Finance Club to track climate change adaptation finance and climate change mitigation finance. All climate-related investments are counted at the time of approval.

⁴ The Official Development Assistance (ODA) classification is based on the Organisation for Economic Co-operation and Development’s (OECD) Development Assistance Committee (DAC) List of ODA Recipients. The list groups countries according to their gross national income (GNI per capita in current USD) following the World Bank’s income classification as “low-income economies,” “lower-middle-income economies,” and “upper-middle-income economies,” while taking into account the United Nations (UN) classification of some countries as “Least Developed Countries” (LDCs) and “Small Island Developing States” (SIDS). For details, see the 2024–2025 DAC List of ODA Recipients and the UN List of SIDS.

Supporting climate and nature action on all fronts

Climate and nature action is one of our three development impact goals, along with gender equality and market development, and we apply a climate lens to all our financing and investments. Recognizing the interdependence of climate, biodiversity and human societies, we support private sector initiatives focused on biodiversity, adaptation and mitigation to advance sustainable development. Supporting the private sector in emerging markets and developing economies is instrumental in developing clean infrastructure, reducing energy and water use, improving the climate resilience of cities and communities, and supporting natural capital and ecosystems.

1. Increasing generation and access to clean energy

FinDev Canada continued to invest in several initiatives to develop sustainable infrastructure and boost the renewable energy sector in EMDEs.

Pembani Remgro Infrastructure Fund II

Enertur

Genneia

Some of these initiatives included:

Pembani Remgro Infrastructure Fund II

An infrastructure-focused private equity fund providing equity and quasi-equity capital to projects and companies primarily located in Sub-Saharan Africa and focused on power, energy transition, transport, logistics and digital services, which are essential for regional economic development.

Enertur

To support the development of a greenfield solar photovoltaic (PV) power plant that will help diversify the Dominican Republic’s energy matrix, strengthen the resilience of its electrical grid and support the country’s energy transition plans.

Genneia

To finance the construction of two solar PV projects that will add 270 MW of renewable energy, contributing to Argentina’s goal of increasing non-hydro renewable energy to 20% of the national energy mix by 2025.

2. Supporting nature-based solutions

Financing nature-based solutions (NbS) is crucial for addressing the intertwined crises of climate change, biodiversity loss and land degradation. These solutions, which include reforestation, wetland restoration and sustainable agriculture, offer a cost-effective way to mitigate environmental impacts while providing social and economic benefits. However, the current investment in NbS is significantly below what is needed.

According to the United Nations Environment Programme (UNEP), the annual investment required to meet global biodiversity, climate and land degradation targets by 2025 is approximately USD 384 billion, yet current investments stand at only USD 154 billion per year. This substantial financing gap highlights the urgent need for increased funding from both public and private sectors to harness the full potential of NbS.

Banco Nacional de Costa Rica’s blue bond

When it comes to ocean preservation, the investment challenges are even more pronounced. The world’s oceans, which cover over 70% of the earth’s surface, are critical for maintaining global biodiversity and regulating the climate. Despite their importance, ocean conservation efforts have historically received the least funding among environmental initiatives. Key challenges include the high costs associated with marine conservation projects, the complexity of international waters governance and the lack of scalable financial instruments tailored to ocean preservation.

In response to these challenges, blue bonds have emerged as a promising financial instrument to support ocean conservation. Blue bonds are debt securities issued to raise capital specifically for marine and ocean-based projects. The market for blue bonds has been growing, with a 10.6% increase in issuance in 2024, although they still represent a small fraction of the overall sustainable bond market. In 2025, the global issuance of sustainable bonds, including blue bonds, is expected to reach USD 1 trillion, driven by increasing investor interest and regulatory support.

Since 2023, FinDev Canada has actively supported blue bonds, alongside partner DFIs and multilateral development banks (MDBs), issued by reputable financial institutions in our regions of operation.

Banco Nacional de Costa Rica’s blue bond

After investing in Ecuador’s second blue bond in 2023, issued by Banco Bolivariano, FinDev Canada continued its support to innovative financing structures for nature-based solutions with an investment in Costa Rica’s first blue bond, issued by Banco Nacional de Costa Rica with the support of partners like IDB Invest and LAGreen Fund.

Costa Rica’s first blue bond will direct essential resources toward water-related challenges and foster sustainable ocean-based opportunities for MSMEs and corporates across various sectors, including water treatment facilities, sustainable tourism, fisheries, aquaculture, sustainable agriculture and waste management.

FinDev Canada had previously partnered with BNCR for the issuance of Costa Rica’s first social bond in 2022. The social bond was awarded with the Premios ALIDE 2024, an award granted by the Asociación Latinoamericana de Instituciones Financieras para el Desarrollo (Latin American Association of Development Finance Institutions) to recognize product and service innovation aimed at promoting sustainable economic and social development.

3. Promoting sustainable agriculture and business practices

Promoting sustainable agriculture is essential for addressing the dual challenges of climate action and food security. As the global population is projected to reach 9.7 billion by 2050, the demand for food continues to rise, putting immense pressure on agricultural systems. Sustainable agriculture offers a viable solution for enhancing food production while mitigating environmental impacts.

In parallel, businesses are realizing the importance of sustainable practices for long-term success. The World Economic Forum projects a rise of 60% in global natural resource consumption by 2060, and points to environmental risks and disruptions in supply chains as the top risks. This means sustainable business practices are no longer a nice-to-have, but a critical business continuity strategy.

Export Trading Group

DIC Latin America

According to the Food and Agriculture Organization, adopting sustainable agricultural practices could reduce greenhouse gas emissions from agriculture by up to 30% by 2030. This reduction is crucial for meeting global climate targets and ensuring the resilience of food systems in the face of climate change.

Despite these benefits, significant investment gaps remain in promoting sustainable agriculture. The Global Environment Facility reported that an additional USD 15 billion per year is needed to scale up sustainable agricultural practices globally.

To bridge these gaps, innovative financing mechanisms and policy support are essential. Public–private partnerships, climate-smart agriculture funds and international cooperation can play a pivotal role in mobilizing the required investments.

Agribusiness, forestry and their related value chains is one of FinDev Canada’s priority sectors. In 2024, the organization supported several private sector initiatives aimed at promoting sustainable agriculture practices through long-standing clients with a successful track record in the sector.

Export Trading Group

In 2024, FinDev Canada provided additional support to Export Trading Group through a sustainability-linked loan (SLL) alongside FMO (the Dutch entrepreneurial development bank), TDB (Eastern and Southern African Trade and Development Bank) and other lenders.

Established in 1967 in Kenya, ETG has evolved into a global player across various industries, with a focus on supply chain optimization tailored to local requirements. With its roots deeply embedded in Africa, the group has made significant contributions to the development of local African economies.

The company has been a valued client of FinDev Canada since 2021, consistently demonstrating a strong commitment to environmental and social (E&S) standards and sustainability.

An SLL is a type of loan designed to incentivize the borrower to achieve specific sustainability performance targets. Overall, SLLs are a powerful tool for companies to demonstrate their commitment to sustainability while accessing favourable financing terms. By collaborating with other DFIs and impact investors, the participating lenders aim to support and motivate ETG in achieving its sustainability goals, ultimately contributing to a more resilient and sustainable agricultural sector in Africa.

DIC Latin America

In Latin America, FinDev Canada signed a commitment to support DIC Latin American Fund IV, L.P. (Darby IV), the first private credit climate finance fund in Latin America and the Caribbean. The fund will offer tailored long-term growth financing to underserved medium-sized enterprises for low-carbon and climate-resilient operations throughout the region, with at least 40% of invested capital earmarked to support climate finance transactions, while also providing portfolio clients with guidance on capacity building to identify and mitigate climate risks, which will enable businesses and projects to better adapt to the effects of climate change.

Technical Assistance

Technical Assistance (TA) empowers clients to deepen their development impact outcomes and enhance business practices. TA also strengthens the broader development finance ecosystem by addressing critical gaps and unlocking opportunities in our priority sectors, regions and impact areas.

As of December 31, 2024

projects

CAD 3.9M

in total commitments

client-level projects

market-level projects

Focus areas*

Gender action

68%

Business performance

52%

Impactful data

29%

Climate and nature action

32%

* Some projects focus on more than one area.

Sector breakdown*

Financial industry

26%

Agribusiness and forestry value chains

19%

Sustainable infrastructure

13%

Non-sector specific

42%

* Some projects are multi-sectoral.

Geographic breakdown*

Sub-Saharan Africa

26%

Latin America and the Caribbean

29%

Indo-Pacific

Global

45%

* Some projects are multi-regional.

2024 clients

BIM (client-level)

Technical Assistance is enabling BIM to strengthen its operations as a fund manager with an ambitious portfolio target. Activities include an assessment of BIM’s current currency hedging approaches and risk management policies, to identify areas for improvement and to align with best practices.

Focus areas

Business performance

Climate Fund Managers (client-level)

The TA project is aimed at building the fund manager’s capabilities for delivering gender-related advisory services to portfolio companies. The key output will be a Gender Action Advisory Services Menu, which will lead to efficient and effective work with portfolio companies operating in various sectors and regions.

Focus areas

Gender action

Climate Policy Initiative (market-level)

TA is supporting the integration of gender considerations within climate and nature finance instruments. The project includes two activities: (a) delivering gender advisory to selected proponents of the Global Innovation Lab for Climate Finance, and (b) conducting research in the gender–nature nexus area, to develop actionable knowledge products for DFIs and MDBs.

Focus areas

Gender action

Climate and nature action

AIF (client-level)

Technical Assistance is supporting the fund manager to strengthen its foundations, both in terms of how AIF carries out investment activities, and how the team supports portfolio companies through growth journeys, specifically in climate and E&S risk management areas.

Focus areas

Business performance

Gender action

Impactful data

Climate and nature action

FinDev Canada and AVLA: Supporting women’s economic empowerment through Technical Assistance

AVLA Perú is an insurance solutions provider for SMEs in Chile, Peru and Mexico. A leader in credit insurance, the company facilitates access to capital for local businesses, contributing to market growth and job creation in the region.

In 2021, FinDev Canada, Barclays and responsAbility participated in a USD 80 million debt facility to allow AVLA to facilitate access to capital for SMEs. As part of the support provided, FinDev Canada worked with AVLA to support internal efforts to drive gender equality within its workforce.

FinDev Canada’s TA project with AVLA was successfully completed in 2024.

FinDev Canada’s TA project with AVLA was successfully completed in 2024. The project enabled the client to implement its diversity and inclusion strategy in two areas: a) the rollout of a mentorship program for women leaders within the company, and b) the facilitation of a series of virtual engagement events with women-owned and led SMEs.

The first iteration of the mentorship program involved 34 participants across four countries – Peru, Chile, Mexico and Brazil – and covered six modules on topics such as leadership, personal brand development, effective communication and conflict management. Based on learnings from this initial iteration, AVLA developed a mentor–mentee program whereby past participants mentor new mentees, thus also creating a sustainable model for the initiative.

The virtual events covered a wide range of demand-driven topics, including sustainable business models, fundraising, digital marketing, financial management and organizational leadership, with 40 experts leading the sessions. Over several sessions between 2023 and 2024, AVLA engaged almost 2,500 women leaders, with more than 8,000 people registered for the webinars, garnering roughly 10,000 views per session. A key outcome of this initiative was the creation of a platform for women SME leaders, for the collaboration and exchange of ideas.

Ultimately, the TA project enabled AVLA to focus on three key groups: women employees, women leaders of SMEs, and women in the insurance industry. Building on the success of the TA project, and with the buy-in of its teams and leadership, AVLA is continuing to scale the above activities. AVLA’s commitment to gender equality is also reflected in its regular measurement and improvement of the company’s WEPs score, obtained through the Women’s Empowerment Principles Gap Analysis Tool, which helps companies identify strengths, gaps and opportunities to improve their performance on gender equality.

72% of our workforce

80% of all leaders

71.4% of roles at the VP/CEO level

44% of our Board of Directors

56% of all staff

18% of employees identifying as Black

8.5% of employees identifying as 2SLGBTQI+

6.4% of employees identifying as Persons with Disabilities

* The numbers above reflect self-identification data from employees.

ID&E initiatives

Parity certification

In 2024, our parent company, Export Development Canada (EDC), and FinDev Canada received the Gold-Level Certification from Women in Governance for the fourth consecutive year. This time, we achieved a score of 77.26%, an improvement from last year’s 74.55%. The certification recognizes efforts in promoting gender parity through strategic governance, collective enablers and equitable outcomes.

Pay equity

In 2024, EDC and FinDev Canada formed a Pay Equity Committee and developed a Pay Equity Plan in compliance with the Pay Equity Act, to proactively address any potential for gender-based discrimination and inequities in pay practices. Specifically, this exercise served to ensure that jobs commonly held by women had the same compensation opportunity as jobs of comparable value that are commonly held by men.

EDC and FinDev Canada are proud to certify that no such pay gaps were encountered, and the organizations remain focused on continuing to promote initiatives aimed at fostering inclusion, diversity and equity.

Vision for 2025 and beyond

At FinDev Canada, we recognize the scale of today’s development challenges and how financing gaps and global uncertainty are exacerbating them. Canada’s international development priorities reflect a strong commitment to being a reliable partner for emerging markets and a willingness to lead in an increasingly complex global environment.

As Canada’s development finance institution (DFI), we are uniquely positioned to contribute to these objectives by offering financing solutions, knowledge and expertise to promote sustainable development with and through the private sector. FinDev Canada’s launch in 2018 filled a critical gap in Canada’s public toolkit: the need for a dedicated channel to engage the private sector in addressing development needs and bridging financing gaps that public resources alone cannot fill.

Over the past seven years, we have built a solid reputation among our peers and partners, strengthened our internal capacity, and developed robust policies and procedures to support a growing portfolio.

Looking ahead, we are committed to expanding our impact and continuing to promote sustainable development with and through the private sector. With a strong foundation in place, we are ready to step up as a key component of Canada’s international development toolkit.

Strategic priorities for 2025 and beyond

Expanding our presence

Helping to address global challenges

Strengthening collaboration

Mobilizing private capital

Expanding our presence

The opening of our first regional office in Singapore is an important step in building trust and strengthening relationships in the Indo-Pacific region. This in-market presence will allow us to better understand local needs, foster closer collaboration and provide more tailored support to our clients. We plan to further expand our in-market presence to better serve our regions, with our next branch office opening in South Africa.

Helping to address global challenges

With public sector resources under increasing pressure, DFIs like FinDev Canada play a critical role in addressing development challenges.

Emerging markets and developing economies face unique barriers, from developing pipelines of bankable infrastructure projects to navigating complex regulatory environments and managing currency risk. Our higher risk appetite and experience in these markets allow us to share risk with private investors and help close investment gaps.

Through blended finance initiatives like GAIA, and in partnership with other DFIs, we will continue to mobilize private capital to support solutions that address the climate emergency, growing inequalities and other pressing global issues.

Strengthening collaboration

Collaboration with other DFIs is key to our strategy. As Canada leads the G7 DFI collaboration in 2025, we will continue to champion initiatives focused on private capital mobilization, sustainable food systems and other critical areas. By leveraging our collective expertise and resources, we can drive impactful change and address global inequalities more effectively.

Mobilizing private capital

Mobilizing private capital is essential to achieving development goals. Through platforms like GAIA, we are attracting private investment into climate change mitigation and adaptation projects in EMDEs. Our new Concessional Finance Facility, supported by a CAD 700 million commitment from the Government of Canada in 2024, enables us to address investment risks and unlock capital for development impact outcomes. This facility will play a crucial role in bridging the financing gap and supporting sustainable economic growth.

Corporate governance and reporting

Financial Review

See more details of our financial performance and comparisons with Corporate Plan projections in the document below.
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Climate-related Disclosure

FinDev Canada is committed to progressively implementing the Task Force on Climate-related Financial Disclosures (TCFD) recommendations and reporting on progress, including through its TCFD disclosure, which summarizes FinDev Canada’s current climate change practices that will continue to evolve to meet the TCFD recommendations. For more details, download the Climate-related Disclosure PDF.
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Full Annual Report

Download the full 2024 Annual Report in PDF format.
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The role of development finance in addressing pressing challenges in emerging markets and developing economies

Leadership messages

Mairead Lavery

Word from the Chair

Lori Kerr

Word from the CEO

2024 highlights

Regional presence

Progress on GAIA

Partnerships for increased impact

Financial overview

Investment updates and featured transactions

Signed deals in 2024

Approved deals in 2024

2024 clients

Access Bank

Banco Nacional de Costa Rica

Creador VI, L.P.

Energía Turística S.A.

Export Trading Group

FirstRand

Genneia S.A.

Gulf Renewable Energy Company Limited (GULF)

Latin American Agribusiness Development Corporation S.A.

Pembani Remgro Infrastructure Fund II

Surpapel

Stanbic IBTC Bank PLC

Portfolio dashboard

Supporting climate and nature action on all fronts

Technical Assistance

2024 clients

BIM (client-level)

Climate Fund Managers (client-level)

Climate Policy Initiative (market-level)

AIF (client-level)

Inclusion, diversity and equity (ID&E)

Women comprise*:

Visible minorities comprise*:

Other dimensions of self-identification include*:

ID&E initiatives

Parity certification

Pay equity

Vision for 2025 and beyond

Expanding our presence

Helping to address global challenges

Strengthening collaboration

Mobilizing private capital

Corporate governance and reporting

Financial Review

Climate-related Disclosure

Full Annual Report