Canada’s new institute to grow private investment in developing countries to be based in Montréal
May 5, 2017 - Montréal, Quebec - Global Affairs Canada
The Honourable Marie-Claude Bibeau, Minister of International Development and La Francophonie, today announced the headquarters for Canada’s new Development Finance Institute (DFI) will be located in Montréal.
The new institute will enable partnerships with small and medium enterprises from the private sector. It will mobilize its resources and expertise to promote inclusive green economic growth, while promoting the involvement of women and young entrepreneurs in achieving sustainable development objectives.
The establishment of Canada’s new DFI was confirmed in Budget 2017. The institute will operate as a wholly owned subsidiary of Export Development Canada (EDC). The institute will be capitalized with $300 million over five years to support its work.
“Canada’s Development Finance Institute will enable partnerships with the private sector to participate actively in economic and social progress around the world. By leveraging the expertise of small and medium-sized enterprises, including those run by women and youth, we will have a positive and lasting impact on the lives of the world's poorest and most vulnerable populations.”
- Marie-Claude Bibeau, Minister of International Development and La Francophonie
“Canada’s Development Finance Institute will be able to draw from the full range of EDC’s financial capabilities, as well as its experience and networks in emerging markets, to deliver flexible and innovative solutions to its clients and to the ultimate beneficiaries, the poor in developing countries.”
- François-Philippe Champagne, Minister of International Trade
“Canada’s new Development Finance Institute will harness the expertise of Montréal’s development community and financial sector. It will promote investment in the countries that need it most, and ensure we reach the poorest and most vulnerable, especially women and girls.”
- Justin Trudeau, Prime Minister
Institutes similar to the DFI in other countries have been able to leverage multiple dollars in private sector investment for every public dollar invested.
The private sector creates nine out of 10 jobs in developing countries.
Canada’s new DFI will be represented in countries eligible to receive official development assistance, taking into account Canada's most current international priorities, presence and networks to enhance our development impact.
Office of the Minister of International Development and La Francophonie
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