MICROCAPITAL BRIEF: Government of Canada, International Finance Corporation (IFC) Support Small, Medium-sized Agricultural Enterprises in Ukraine

The Department of Foreign Affairs, Trade and Development Canada (DFATD) recently informed MicroCapital that the government of Canada and the International Finance Corporation (IFC), the private-investment arm of the World Bank Group, plan to work together to provide an unspecified level of financial support and technical advice to small and medium-sized agricultural enterprises in Ukraine.

It is expected that the joint initiative will contribute to “sustainable” economic growth and job creation in Ukraine which will help the Ukrainian government increase its tax revenues in order to finance essential public services.

Ms Kelly Block, Member of Parliament for Saskatoon-Rosetown-Biggar and Parliamentary Secretary to Canada’s Minister of Natural Resources said that “our project with the International Finance Corporation will help small and medium-sized enterprises in the agricultural sector become more competitive”[1]. She added that “Canada remains committed to helping Ukraine with its economic growth, and to increasing economic opportunities for Ukrainians”[1].

Canada also aims to improve the “business-enabling environment”[1], restore confidence in the financial institutions of the country and support democracy and the rule of law in Ukraine.

By Alíz Crowley, Research Associate

About Department of Foreign Affairs, Trade and Development Canada (DFATD)

The Department of Foreign Affairs, Trade and Development Canada (DFATD) is a government entity that was established in 1993 with the intention to manage Canada’s international relations, consular services, international trade, international development and humanitarian assistance. As of 2014, DFATD has projects in 25 countries. As of 2012-2013, the development budget of DFATD was CAD 3.4 billion (USD 3.1 billion).

About International Finance Corporation (IFC)

The International Finance Corporation (IFC), a US-based multilateral development bank and member of the World Bank Group, offers loans, equity investments, advisory and risk mitigation services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. IFC has 184 member countries and reported total assets of USD 77.5 billion as of fiscal year-end 2013.

Sources and Additional Resources

[1] Foreign Affairs, Trade and Development Canada, Canada supporting entrepreneurs in Ukraine

[2] Foreign Affairs, Trade and Development Canada, 2012-2013 Departmental Performance Report

MicroCapital, August 13, 2014, 6th Annual Toronto International Microfinance Summit: “Microfinance for Social Justice,” October 4, 2014, Allstream Centre, Toronto, Canada

MicroCapital, July 29, 2014, Canada to Support Nigerian Private Sector in Effort to Increase Job, Entrepreneurial Opportunities for Youth in Cross River State

MicroCapital, November 20, 2013, International Finance Corporation (IFC), Government of Canada to Loan $85m to Dewan Housing Finance of India for “Green” Mortgages

MicroCapital Universe Profile: Department of Foreign Affairs, Trade and Development Canada

MicroCapital Universe Profile: International Finance Corporation (IFC)

MicroCapital Universe Profile: The World Bank Group

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