The March 2017 federal budget confirmed the Government of Canada’s intention to create a development finance institution (DFI), to be housed within EDC and capitalized with $300 million.
The DFI has been built progressively since the 2017 announcement. The Development Finance Institute Canada (DFIC) Inc., operating under the FinDev Canada brand, is a wholly owned subsidiary of Export Development Canada (EDC), and once fully operational, will be headquartered in Montreal. EDC was selected to house the DFI as it has many of the capacities and skills necessary to build and oversee its operations. By drawing on EDC’s wide array of financial instruments and international expertise, FinDev Canada will be able to support private sector initiatives in places where financial services to businesses are not readily available, and thus benefit the poor in those countries.
Ken Kember was appointed Interim CEO at FinDev Canada in 2020.
FinDev Canada has a mandate to provide financial services to the private sector in developing countries with the aim of combating poverty through economic growth. Areas of focus will include green growth, agribusiness, and support for small and medium-sized enterprises through local financial institutions with specific goals to generate economic development by job creation, promotion of women’s economic empowerment, and action to combat climate change.
Impact entrepreneurs in developing markets. Provide innovative financial solutions. Develop a sustainable future.