Based in Montréal, Québec Development Finance Institute Canada (DFIC) Inc., an initiative announced by the Government of Canada in May 2017 to be capitalized with $300 million, finally became operational in January 2018. It is operating under the FinDev Canada brand and is a wholly-owned subsidiary of Export Development Canada (EDC). FinDev Canada’s mission is to provide easier access to capital for entrepreneurs and to support the growth and sustainability of businesses in developing markets. It seeks to reduce poverty through local development, women’s economic empowerment, and climate action. FinDev Canada focuses on three priority sectors:
- Green growth, e.g. renewable energy, energy infrastructure, energy efficiency, water supply, water management, waste management, waste water management, bio-refinery products, green industrial production, and climate solutions focused on mitigation or adaptation;
- Agribusiness value chain, including processing, storage, transportation and distribution; and
- The financial industry, particularly local financial institutions, as a means to reach local small and medium-sized enterprises.
This initiative by the Government of Canada is a step forward in Canada making a positive impact around the world.
Martin Aquilina is a former legal adviser to the Geneva-based Global Fund. He regularly assists companies doing business in second- and third-world countries financed by various development banks.
This article is for informational purposes only and does not constitute legal advice. If you wish to discuss your issue with a lawyer, contact Martin today. 613-747-2459 ext.308, [email protected]