FinDev Canada builds partnerships to tackle poverty through private sector investments

During the World Bank Spring Meetings, FinDev Canada signed a series of agreements with peers and partners and hosted a session to bring together the technology and development worlds towards a single goal: achieving sustainable development

WASHINGTON, April 12, 2019 /PRNewswire/ -Technology and collaboration were at the core of FinDev Canada's participation at the World Bank Spring Meetings, with the signature of several agreements with peers and partners, and a fruitful discussion around the use of technology to advance development impact and help achieve the Sustainable Development Goals (SDGs).

On the margins of the meetings, FinDev Canada signed a series of agreements, including a Memorandum of Understanding with the DFI Alliance, a group of 17 development finance institutions and international financial institutions, to collaborate towards financing sustainable projects in developing countries.

For Paul Lamontagne, Managing Director of FinDev Canada, "the DFI Alliance is responding to the urgent call for much needed aligned leadership by development finance institutions to achieve the Sustainable Development Goals by 2030." Lamontagne reminds that "although progress has been made, we need to mobilize the private sector to achieve the SDGs and ensure nobody is left behind."

FinDev Canada also joined 60 impact investors in signing the Operating Principles for Impact Management, a market standard for international investing in which signatories seek to generate positive impact for society alongside financial returns in a disciplined and transparent way.

"As an impact-focused organization, FinDev Canada is proud to commit to these principles, and contribute to growing the level of investments targeting positive social and environmental outcomes," said Stéphanie Emond, Director, Impact, at FinDev Canada. "We have established an end-to-end process to ensure that impact considerations are at the core of our investment decisions, and we welcome the opportunity to standardize these processes throughout the impact investing community."

Partnerships for business in Latin America, the Caribbean and Sub-Saharan Africa

FinDev Canada signed a Memorandum of Understanding to further collaboration with the Inter-American Development Bank, IDB Invest and IDB Lab.

The agreement includes co-financing of projects, co-investments in funds and businesses, technical assistance and knowledge-sharing.

FinDev Canada shares with IDB, IDB Invest and IDB Lab a geographical focus in Latin America and the Caribbean, as well as an aim to promote innovation, green growth and women's economic empowerment.

"IDB has a solid track record in Latin America, and we are look forward to sharing innovative approaches to private sector financing in the region" said Suzanne Gaboury, Chief Investment Officer of FinDev Canada. "This partnership will help identify highly impactful private sector ventures that will improve the lives of thousands of people."

In the same spirit, FinDev Canada and the Association of European Development Finance Institutions (EDFI) agreed to further their collaboration through periodic meetings, expert networking groups, knowledge-sharing and co-operation in bilateral and multilateral development activities, blended finance and development impact assessment.

Through the signature of a Memorandum of Understanding, the association of bilateral European development finance institutions and the Canadian DFI agreed to evaluate, develop and promote best-practices in the development finance space.

FinDev Canada also advanced its partnership with Proparco, co-participant of the 2X Challenge, through an agreement that will allow for further cooperation in the funding of ventures that favour women's economic empowerment and climate change mitigation in developing countries.

About this partnership, Gregory Clemente, Managing Director of Proparco, declared: "We share with FinDev Canada common priorities and goals. I'm glad to see our institutions commit to work even closer, particularly on climate and gender equality, two main priorities in our activities"

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.

SOURCE FinDev Canada