The multilateral Asian Development Bank (ADB) and the Canadian government’s FinDev Canada recently announced a partnership to support projects in Asia and the Pacific that further FinDev Canada’s priority areas of “women’s economic empowerment, climate action and local market development.” In addition to identifying deals to co-finance, the organizations plan to share sustainability data and strategies.
Lori Kerr, FinDev Canada’s CEO, said, “As we look to support the private sector in the Indo-Pacific region, …we are looking forward to working together towards the shared goal of mobilizing private capital to accelerate economic growth and the transition to a low-carbon, climate-resilient future.”
Established in 1966, ADB is a development finance institution headquartered in the Philippines. Its mission is to help its 68 member countries reduce poverty in Asia and otherwise improve the quality of life of the region’s citizens. During 2022, ADB issued commitments of USD 20.5 billion, ending the year with total assets of USD 93 billion.
FinDev Canada, also known as Development Finance Institute Canada, was established in 2018 as a subsidiary of Export Development Canada, a government-owned export credit agency. The goal of FinDev Canada is to support job creation and the economic empowerment of women in developing economies through avenues such as direct loans, guarantees, structured financing and equity placements. As of January 2023, FinDev Canada reports a portfolio valued at USD 658 million, much invested as debt in financial institutions serving women in Latin America and the Caribbean.
By Ben Barba, Research Associate
Sources and Additional Resources
ADB press release
https://www.adb.org/news/adb-and-findev-canada-partner-support-sustainable-and-inclusive-investments-asia-and-pacific
FinDev Canada homepage
https://www.findevcanada.ca
ADB homepage
https://www.adb.org
Previous MicroCapital story on ADB
https://www.microcapital.org/microcapital-brief-bank-of-maldives-borrowing-40m-from-adb-jica-oeeb-for-blue-economy-smes-tourism/
Previous MicroCapital story on FinDev Canada
https://www.microcapital.org/microcapital-brief-asociacion-de-cooperativas-argentinas-aca-borrows-80m-from-fmo-findev-canada-rabobank-to-boost-exports-of-produce-from-50000-farms-in-argentina/
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