FinDev Canada | 2025 Annual Report

Investing in growth, opportunity, and shared prosperity

This Annual Report highlights the investments, partnerships, and outcomes that defined 2025. It captures an year in which FinDev Canada strengthened its portfolio, deepened its global partnerships, and laid important foundations for delivering greater impact and influence in the years ahead.

2025 was a year of growth, institutional progress, and increasing international engagement for FinDev Canada. The Corporation committed CAD 1.1B (USD 833M) in new financing and investments, expanded its portfolio to 58 active clients, and grew assets under management to approximately CAD 2.1 billion.

The results achieved during the year reflect an institution that continues to mature in scale, capability, and ambition. As FinDev Canada grows, it remains focused on deploying capital with discipline, supporting investable businesses and projects capable of delivering meaningful impact, and strengthening the market systems that enable long-term growth and resilience. At the same time, the Corporation is building the relationships, expertise, and international presence needed to play an increasingly important role within Canada's broader international engagement objectives across development, foreign, economic and trade, and climate finance policy.

Leadership messages

Word from the Chair

“

As FinDev Canada has grown, it has strengthened its ability to deploy capital responsibly, manage risk effectively, and build enduring relationships with clients, investors, governments, and peer institutions.

Alison Nankivell, Chair of the FinDev Canada Board of Directors

Image of FinDev Canada’s Chief Executive Officer Lori Kerr alongside a quote that says, “The expansion of our international presence strengthened our ability to work more closely with clients and partners, improve execution, and deepen market insight. As our portfolio continued to grow, so too did our responsibility to strengthen Canada’s international engagement, expand its presence in priority markets, and reinforce its reputation as a trusted and constructive partner on the world stage.”

Word from the CEO

“

2025 marked an important step in FinDev Canada’s evolution. The expansion of our international presence strengthened our ability to work more closely with clients and partners, improve execution, and deepen market insight. As our portfolio continued to grow, so too did our responsibility to strengthen Canada’s international engagement, expand its presence in priority markets, and reinforce its reputation as a trusted and constructive partner on the world stage.”

Lori Kerr, Chief Executive Officer

2025 highlights

Portfolio growth and milestones

In 2025, FinDev Canada made new investments across priority markets and sectors, expanding its geographic reach and deepening sector expertise. This included financing for large renewable energy developers such as Energía Renovable La Joya S.A. and GULF Renewable Energy Company Limited; leading financial institutions in Mongolia, Vietnam, Paraguay, Tanzania, Guatemala, and Honduras; commitments to climate and infrastructure platforms such as GAIA and the Africa Finance Corporation; and investments in private equity and private credit funds supporting businesses across Africa, Latin America and the Caribbean, and Asia Pacific. These transactions reflect FinDev Canada's growing execution capability, ability to build long-term relationships in priority markets, and disciplined approach to deploying capital where it can deliver meaningful development impact alongside financial sustainability.

Climate finance at scale

In 2025, FinDev Canada continued to expand its climate finance portfolio, supporting investments in renewable energy, sustainable infrastructure, climate-focused financial institutions, and blended finance platforms across emerging markets. Climate finance represented 49.1% of FinDev Canada's active portfolio at year-end, reflecting the growing integration of climate considerations across the Corporation's investment activities. Investments made during the year supported the deployment of renewable energy, the expansion of sustainable finance, and the development of investment platforms designed to address long-term climate financing needs in emerging economies. These commitments demonstrate how disciplined investment can contribute to economic development and a transition towards a more resilient and a low-carbon future.

FinDev Canada’s first independent evaluation of its 2X challenge investments

In 2025, FinDev Canada published the findings from its first independent evaluation of 2X Challenge investments, providing evidence on how intentional gender-lens investing can contribute to women’s economic empowerment across diverse markets and sectors. Conducted by Kore Global, the evaluation assessed the effectiveness of FinDev Canada’s approach to advancing gender impact, examined the influence of the 2X Criteria on investment outcomes, and identified key enablers of success at the transaction level. The findings reinforced the importance of strong client engagement, technical assistance, and institutional commitment to achieving sustainable gender outcomes, while generating practical lessons to strengthen future investment practice and contribute to broader learning across the development finance community.

G7 leadership: Logos of various G7 council members such as BII, Proparco, KFW, EIB, EDFI, SunLife, Macquarie, CIP, Brookfield, NOVA, Nuveen, Allianz, and Ninety One.

G7 leadership: Convening public and private investors

In 2025, FinDev Canada demonstrated global leadership under Canada’s G7 Presidency by leading the launch of the G7 Infrastructure Investment Council, a new platform bringing together G7 development finance institutions and leading institutional investors to explore opportunities for sustainable infrastructure investment in emerging markets. Through this convening role, FinDev Canada strengthened coordination among public and private actors, advanced shared approaches to risk and standards, and reinforced Canada’s credibility and influence in shaping the global sustainable infrastructure finance agenda.

Partnerships for increased impact

Strategic partnerships were central to amplifying impact and advancing portfolio growth in 2025. New partnership agreements and collaborations with institutions such as Indonesia Infrastructure Finance and British International Investment strengthened origination, knowledge-sharing, and investment collaboration, enabling participation in larger and more complex transactions alongside trusted partners. In addition, FinDev Canada continues to contribute to dialogue and action alongside:

2X Global
Canada Forum for Impact Investment and Development (CAFIID)
Montreal Council on Foreign Relations (CORIM)
Convergence Blending Global Finance
European Development Finance Institutions (EDFI. Affiliate Partnership)
Sustainable Market Initiative (SMI)
Global Impact Investing Network (GIIN)
Global Private Capital Association (GPCA)
Institutional Limited Partners Association (ILPA)
African Fintech Advisory
Solar Stewardship Initiative (SSI) Stakeholder Advisory Group
African Venture Capital Association (AVCA)

These partnerships reinforce Canada’s role within the global development finance ecosystem by contributing to stronger, more connected markets over time.

Expanded regional presence

The opening of FinDev Canada’s first regional office in Singapore in February marked a significant institutional milestone in 2025, establishing an on-the-ground presence in the Asia-Pacific and strengthening engagement with clients and partners across South and Southeast Asia. This presence supported new transactions and partnerships in the region, including landmark syndicated financings with Vietnamese financial institutions alongside regional and global partners. In addition, the announcement of an on-the-ground presence in South Africa reflects FinDev Canada’s commitment to deepening market knowledge and client proximity in priority regions, supporting more effective origination, execution, and long-term engagement.

Portfolio overview

In 2025, FinDev Canada’s net financing and investment income was CAD 56.1 million, compared to CAD 55.6 million in the prior year. This increase primarily reflects higher loan revenue resulting from continued expansion of the loan portfolio, partially offset by higher borrowing and financing costs.

Total assets increased by CAD 1 billion compared to the prior year, reflecting sustained growth across both loan and equity investment portfolios. Administrative expenses were CAD 11.7 million below the levels outlined in the Corporate Plan, driven primarily by disciplined cost management across staffing and professional services, and reflecting continued focus on operational efficiency as the portfolio scales.

clients in portfolio

2.1B

in total signed commitments¹

59.5%

in 2X investments²

49.1%

in climate finance investments³

15.9%

of investments in LDCs/SIDS⁴

Annual new commitments (figures in USD)
Impact reported by clients
Financing type
ODA country classification
By sector
By SDGs
By Geographical focus
2x Alignment

to Annual new commitments

Annual new commitments (USD)

30M

2018

64.3M

2019

107M

2020

285.5M

2021

168.5M

2022

275.7M

2023

505.1M

2024

833M

2025

Impact reported by clients

Impact reported by clients⁵

Market development

224,087 direct jobs⁶
481,955 MSMEs financed

Gender equality

74,494 direct jobs for women
107,440 women-owned MSMEs financed

Climate and nature action

4,539 GWh of clean energy produced
16,967 tCO₂e sequestered emissions
87,644 tCO₂e avoided 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.

Financing type

20.7% Indirect equity
3.4% Direct equity
75.9% Debt

ODA country classification

ODA country classification⁷

9% LIC
39% LMIC
52% UMIC

ODA country classification: A pie chart showcasing the split in terms of LIC, LMIC, and UMIC.

UMIC: Upper-Middle-Income Country

LMIC: Lower-Middle-Income Country

LIC: Lower-Income Country

By sector

17.8% Sustainable
infrastructure
12.9%Agribusiness
and forestry
value chains
67.3% Financial
industry
2% Other

By SDGs⁸

By SDGs (number of clients)*

SDG 8

SDG 5

SDG 13

SDG 7

SDG 9

SDG 12

SDG 2

SDG 10

SDG 6

SDG 15

SDG 14

SDG 3

SDG 1

SDG 11

SDG 17

* One client can contribute to multiple SDGs.

By Geographical focus

By geographical focus

Region

Clients

Amount (USD)

Africa

816M

Latin America and the Caribbean

782M

Asia Pacific

347M

Multiple

180M

2X-aligned investments

2X-aligned investments²

Region

Clients

Amount (USD)

Africa

409M

Latin America and the Caribbean

480M

Asia Pacific

347M

Multiple

35M

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 2025 and do not include any transactions that have matured in 2025 or previous years. The total of the portfolio for each year excludes transactions that matured that year.

² 2X-aligned capital represents 59.5% of our total commitments to date, totalling USD 1.267 billion across 44 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 MDB Common Principles for Climate Mitigation Finance Tracking and the Joint Methodology for Tracking Climate Change Adaptation Finance to track climate 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

⁵ These figures are based on the most recent data reported by clients. Proxies have been used where client data has not been reported for 2025.

⁶ In 2025, the methodology for reporting “Total Jobs Supported” was revised. Under the updated approach, jobs associated with financial intermediaries (FIs) and fund managers, including direct employees of these entities, are excluded. The metric now captures only employment supported through underlying economic activities financed by FinDev Canada, namely corporate clients, project finance transactions, and investee companies within fund clients. Prior year figures have not been restated unless otherwise indicated. In addition to direct jobs, we’ve estimated a total of 35,765 indirect jobs, including 15,219 held by women. This figure shows estimated jobs at the end-beneficiary level. For funds and financial institutions, estimates reflect jobs at the portfolio client level; for corporates, they reflect jobs supported through operations and value chains.

Estimates are based on finance-enabled effects calculated using the Joint Impact Model (JIM), a harmonized tool that applies country- and sector-level economic data to estimate direct and indirect impacts of investment. Finance-enabled effects include jobs supported through local supply chains (11,906 supply chain jobs), employee spending (9,888 induced jobs), spillover effects from clean energy investments on local businesses (1,297 power-enabling jobs), and direct jobs at the financial intermediary's and fund's portfolio level (12,673 jobs). Results are attributed to FinDev Canada based on its share of outstanding investments. Because JIM uses macroeconomic averages, the results provide directional portfolio-level estimates rather than verified job counts and hence should not be combined with company-reported data. For full methodology and limitations, see the Joint Impact Model website here.

⁷ UMIC: Upper-Middle-Income Country

LMIC: Lower-Middle-Income Country

LIC: Low-Income Country

⁸ One client can contribute to multiple SDGs.

⁹ One client can align with multiple criteria.

Investment updates and featured transactions

Signed deals in 2025

USD 50 million

Aligned with SDGs

Energía Renovable La Joya S.A.

Energía Renovable La Joya is an SPV developing, constructing, and operating a 396 MW solar photovoltaic power plant in Arequipa, Peru. The project will boost the country’s supply of renewable energy while supporting the transition to low-carbon growth.

FinDev Canada’s commitment

USD 56 million

Aligned with SDGs

Feature: Supporting durable economic partnerships in emerging markets through climate change mitigation

At the end of 2025, 49.1% of FinDev Canada’s portfolio qualified as climate finance, reflecting the extent to which climate considerations were embedded across investment activity during the reporting period.

FinDev Canada’s climate mitigation and adaptation investments were concentrated in areas where commercial viability, development impact, and long term resilience intersect, including:

Renewable energy generation and transmission;
Climate resilient and low carbon infrastructure and transport;
Sustainable agribusiness, forestry, and value chains;
Financial intermediaries supporting climate aligned enterprises; and
Blended finance platforms mobilising private capital for mitigation and adaptation.

In addition to supporting clients and countries achieve progress on their own climate transition pathways, these investments support economic and supply chain resilience, market readiness, and long-term partnerships for Canada.

Aerial image of wind turbines across green fields.

Strengthening economic resilience in partner countries

Investments in renewable energy, low-carbon infrastructure, climate-aligned agriculture, and sustainable industry support businesses and economies in reducing exposure to climate-related disruptions, energy volatility, and transition risk. This contributes to more stable growth trajectories and more predictable operating environments for local and international partners.

Reinforcing supply chain resilience and diversification

Climate-aligned private investment reduces physical and transition risks across production, logistics, and infrastructure. More resilient emerging-market ecosystems support diversified global sourcing and reduce exposure to climate-driven shocks that affect trade flows, security of supply, and economic stability.

Improving investability and market readiness

By financing scalable, commercially viable mitigation solutions, FinDev Canada helps deepen markets where long-term capital can participate with confidence. Over time, this strengthens local financial systems, improves financing conditions, and reinforces the enabling environment for sustained private investment and trade.

Advancing Canada’s long term interests through partnership

By supporting climate mitigation where growth and transition are already underway, FinDev Canada reinforces Canada’s position as a credible, patient, and reliable partner in markets that will play an increasingly important role in the global economy. These partnerships strengthen the foundations for future cooperation, including trade, investment, and knowledge exchange, aligned with Canada’s climate, development, and economic priorities.

Climate mitigation and adaptation investments in 2025

During the reporting period, FinDev Canada’s climate mitigation and adaptation investments were concentrated in areas where commercial viability, development impact, and long-term resilience intersect, including:

Renewable energy generation and transmission
Climate-resilient and low-carbon infrastructure and transport
Sustainable agribusiness, forestry, and value chains
Financial intermediaries supporting climate-aligned enterprises
Blended finance platforms mobilising private capital for mitigation and adaptation

These investments support transition pathways that are economically grounded, scalable, and aligned with long-term market sustainability.

Feature: Gender lens approach at Findev Canada

FinDev Canada applies a gender lens across all its financing and investments activities, recognizing that women’s economic empowerment is a key driver of gender equality in the private sector. Women’s economic empowerment means that women can access, participate in, and benefit from economic opportunities on an equal basis with men. It includes both the ability to succeed and advance economically and the agency to make and act on decisions that shape economic outcomes.

FinDev Canada advances gender finance by investing in businesses and financial institutions that expand women’s access to quality employment, finance, essential services, and leadership opportunities. By addressing barriers that limit women’s economic participation, FinDev Canada helps foster more inclusive and effective markets, stronger communities, and sustainable economic growth.

Image of workers standing in a field, tending to produce, and looking directly into the camera.

FinDev Canada closed 11 2X-aligned transactions in 2025 representing 69% of its total business activity, or approximately USD 461.4M in investment. These included:

Gulf Renewable Energy Company Limited
African Credit Opportunities Funds III
Khan Bank
LocFund Next
Lendable MSME Fintech Credit Fund II
BanPais
VP Bank
CRDB Bank Plc
EcoEnterprises IV
Amethis Fund III
HD Bank

Out of these 11 transactions[ST15.1], 8 (50%) investments also supported dual gender-climate objectives, equivalent to USD 397.5M. These included:

Gulf Renewable Energy Company Limited
Khan Bank
LocFund Next
BanPais
VP Bank
CRDB 2023
EcoEnterprises IV
HD Bank

To identify and measure gender finance investments, FinDev Canada uses the 2X Criteria, the leading global standard for gender-lens investing. As of December 2025, 59.5% of FinDev Canada’s active portfolio was 2X-aligned, representing USD 1.27B in committed capital.

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, 2025

projects

CAD 9.2M

in total commitments

client-level projects

market-level projects

Focus areas*

Gender action

67%

Business performance

49%

Impactful data

24%

Climate and nature action

32%

* Some projects focus on more than one area.

Sector breakdown*

Financial industry

27%

Agribusiness and forestry value chains

19%

Sustainable infrastructure

11%

Non-sector specific

43%

* Some projects are multi-sectoral.

Geographic breakdown*

Africa

22%

Latin America and the Caribbean

27%

Asia Pacific

Global

49%

* Some projects are multi-regional.

2025 featured clients

2X Global: Image of two women engaged in a discussion with a meeting happening in the background.

2X Global (Market-level)

Accelerate the pace and volume of gender lens investing (GLI) by enhancing the applicability and strategic value of the 2X Challenge, building investor and client capabilities, and improving impact measurement.

Focus areas

Gender action

Sagana: Image of a woman leading a team meeting with notes in the background.

Sagana (Market-level)

Support the design and piloting of a regional platform in Southeast Asia that connects senior women leaders with board and investment committee opportunities, strengthens governance in companies, and establishes a scalable model to advance gender diverse leadership.

Focus areas

Gender action

Banco de Bogota: Image of a woman tending to produce boxes kept on a truck.

Banco de Bogota (Client-level)

Support the design and pilot of a non-financial services platform for the Bank's WSME customers, including training, mentorship, and networking.

Focus areas

Business performance

Gender action

Climate and nature action

Climate Policy Initiative: Image of wind turbines alongside a water treatment facility.

Climate Policy Initiative (Market-level)

Support the design and pilot of a scalable financing model to mobilize institutional capital for climate-resilient water infrastructure in emerging markets, including development of an impact framework and testing parametric insurance and resilience credits.

Focus areas

Business performance

Collaborative on Sustainable Food Systems: Image of a farmer tending to a field.

Collaborative on Sustainable Food Systems (Market-level)

Develop a shared financing qualification and impact approach to support DFIs to better define, identify, document, and measure investments across different stages of food security financing and financing contexts.

Focus areas

Climate and nature action

GAIA Climate Loan Fund: Aerial image of a forest.

GAIA Climate Loan Fund (Client-level)

Contribute to the GAIA Technical Assistance Facility aimed at strengthening project impact rationale and delivery, and improving bankability, to align investments with the fund’s ambitious climate adaptation and mitigation objectives.

Focus areas

Business performance

Gender action

Climate and nature action

Image of individuals from GULF Renewable Energy Company Ltd. and FinDev Canada at a signing ceremony posing and looking into the camera.

Case study: GULF Renewable Energy Company

The Asia Pacific is a priority region for FinDev Canada and a major driver of global economic growth. At the same time, the region faces significant climate and energy transition challenges, creating a growing need for investment in reliable and sustainable energy infrastructure.

Thailand is a country undergoing a major energy transition, aiming to cut greenhouse gas emissions (GHGs) by 40% by 2030 under its updated Nationally Determined Contribution (NDC) while expanding renewables to meet long‑term net zero goals. In 2025, FinDev Canada committed USD 50 million to Gulf Renewable Energy Company Limited, one of Thailand’s largest private power generation companies engaged in the development of solar, wind, and battery energy storage projects.

The investment forms part of a broader USD 350 million financing facility led by the Asian Development Bank which supports the development of renewable energy infrastructure that will help meet Thailand’s growing demand for reliable, low‑carbon power.

Case Study: Phatisa Food Fund II

FinDev Canada’s invested in Phatisa Food Fund II in 2021. Alongside the investment, the Corporation contributed USD 250,000 to the Fund’s dedicated Technical Assistance Facility (TAF) to help strengthen the portfolio companies, value chains, and institutions that underpin long‑term economic growth across Africa’s food system.

Phatisa Food Fund II (PFF2) is a pan‑African private equity fund investing across the food value chain, with a focus on building sustainable, resilient, and productive food systems in Sub‑Saharan Africa. Through growth capital investments in mid‑sized agribusinesses, the Fund supports food production, value‑chain development, job creation, and climate‑smart business practices across multiple markets.

The PFF2 TAF was designed to provide targeted, demand‑driven support to portfolio companies, helping them strengthen operational performance, environmental and social practices, climate resilience, and long‑term competitiveness while contributing to broader sector learning.

ID&E initiatives

FinDev Canada's culture stems from the diversity of its people. Colleagues at FInDev Canada bring a lived experience from a wide range of countries, cultures, and professional backgrounds which complement the corporation’s development mandate and purpose driven work in emerging markets across our priority regions.

Our values are central to how FinDev Canada operates. Collaboration, Agility, Impact, and Respect, as well as Inclusion, Diversity, Equity, and Accessibility, are embedded throughout the employee experience and lifecycle. FinDev Canada prioritizes a respectful and a psychologically safe workplace where employees feel supported and able to show up as themselves.

The numbers below reflect self-identification data from employees

72% of our workforce

84% of all leaders

67% of roles at the VP/CEO level

50% of our Board of Directors

54% of all staff

21% of all leaders

18% of employees identifying as Black

7% of employees identifying as 2SLGBTQI+

8% of employees identifying as Persons with Disabilities

Vision for 2026 and beyond

FinDev Canada is entering a new phase of its evolution—one defined by greater scale, sharper focus, and disciplined execution. The progress achieved in 2025 reflects an institution that has moved beyond establishment and is now positioned to deploy capital more confidently, more selectively, and at greater scale in service of long-term development outcomes.

Image of solar panels and wind turbines.

Development impact will remain at the core of FinDev Canada’s mandate. As the organization grows, it will become more intentional about where it deploys capital, how it builds its portfolio, and which partners it works with. This includes balancing exposure across sectors and regions, prioritizing scalable platforms, deepening relationships in priority markets, and maintaining flexibility to respond to changing market conditions.

FinDev Canada will continue to work with businesses, financial institutions, and investment platforms that have the balance sheets, governance, and operating capacity to deliver outcomes at scale. These partners are often best positioned to mobilize additional capital, influence market practices, and accelerate transition pathways across sectors. By concentrating more of its activity through such counterparties, FinDev Canada can extend its reach, deepen impact, and contribute to market level change.

FinDev Canada will also continue to operate as part of a broader ecosystem of actors. Through partnerships with governments, development finance institutions, multilateral organizations, private investors, and other Canadian institutions, it will help create the conditions for investment, innovation, and long term market development. Platforms, partnerships, and repeat relationships will increasingly be used to extend reach, mobilize capital, and ensure complementary tools are brought to bear where they can be most effective.

Climate and the transition to a low-carbon, climate-resilient economy will increasingly shape how FinDev Canada allocates capital, builds partnerships, and constructs its portfolio. With significant new climate finance commitments from the Government of Canada, FinDev Canada expects to increase the scale of climate-related investments across infrastructure, agribusiness, forestry, and value chains, and financial services. Climate and nature considerations, alongside gender equality and market development, will continue to inform investment decisions to not only drive inclusive, sustainable growth, but also increasingly influence risk and long-term economic resilience.

As activity expands, FinDev Canada will continue to evolve its approach to portfolio construction and asset allocation, ensuring capital is deployed where it can deliver the strongest outcomes over time. This includes balancing exposure across sectors and regions, prioritizing scalable platforms, and maintaining flexibility to respond to changing market conditions. Strong governance, disciplined risk management, and integrated impact frameworks will remain essential to safeguarding credibility and public capital.

Taken together, these changes position FinDev Canada to deliver development impact at greater scale while preserving financial sustainability and institutional resilience. Through disciplined investment, deeper partnerships, and increased private capital mobilization, FinDev Canada will continue to advance climate and gender action, strengthen local markets, and reinforce Canada’s role as a trusted partner in the emerging markets that will play an increasingly important role in the global economy.

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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Investing in growth, opportunity, and shared prosperity

Leadership messages

2025 highlights

Portfolio growth and milestones

Climate finance at scale

FinDev Canada’s first independent evaluation of its 2X challenge investments

G7 leadership: Convening public and private investors

Partnerships for increased impact

Expanded regional presence

Portfolio overview

Portfolio dashboard

Investment updates and featured transactions

Signed deals in 2025

2025 clients

HDBank

GAIA Climate Loan Fund by Climate Fund Managers

Amethis Fund III by Amethis Investment Fund Manager

EcoEnterprises IV by EcoEnterprises Impact Management

VP Bank

Banco del País

Banco Industrial

CRDB Bank

Lendable MSME Fintech Credit Fund II by Lendable Inc.

Sudameris Bank

Africa Finance Corporation (AFC)

Locfund Next by Bolivian Investment Management

Khan Bank

Africa Credit Opportunities Fund III by Ninety One Asset Management

Gulf Renewable Energy Company Limited

Energía Renovable La Joya S.A.

Feature: Supporting durable economic partnerships in emerging markets through climate change mitigation

Feature: Gender lens approach at Findev Canada

Technical Assistance

2025 featured clients

2X Global (Market-level)

Sagana (Market-level)

Banco de Bogota (Client-level)

Climate Policy Initiative (Market-level)

Collaborative on Sustainable Food Systems (Market-level)

GAIA Climate Loan Fund (Client-level)

Case study: GULF Renewable Energy Company

Case Study: Phatisa Food Fund II

Inclusion, diversity and equity (ID&E)

ID&E initiatives

Women comprise*:

Visible minorities comprise*:

Other dimensions of self-identification include*:

Vision for 2026 and beyond

Corporate governance and reporting

Financial Review

Climate-related Disclosure

Full Annual Report