"Canada is supporting our long-time friend Jamaica by helping to create the right conditions and institutions to attract investment and create jobs, particularly for youth who are at risk of turning to crime," said Minister Fantino. "When we help other countries advance their economies, we also create new partners for Canadian companies. Development is an integral part of our government's efforts to create a prosperous and secure world."
Economic Action Plan 2013 reaffirms Canada's commitment to international development assistance, such as improving sustainable economic growth. The new Department of Foreign Affairs, International Trade and Development will maintain the mandate of poverty alleviation and help achieve greater efficiency, accountability, and focus to continue to improve the lives of people in need around the world.
Minister Fantino announced today that Canada is providing a total of $66 million in support to help developing countries attract the private sector investment they need to achieve sustainable economic growth. Canada's contributions will help create the conditions needed in developing countries to attract private sector investment and to increase trade, leading to better job opportunities and prosperity for the world's most vulnerable people.
The private sector is an essential partner in advancing Canada's international development priorities, as reiterated in the government's response to the report of the Standing Committee on Foreign Affairs and International Development: Driving Inclusive Economic Growth: The Role of the Private Sector in International Development. Today, Minister Fantino launched a new Web page to facilitate greater partnership with the private sector for development.
Conflict-Affected and Fragile Economies FacilityContribution: $20 million over five yearsImplementing partner: World Bank Group - Multilateral Investment GuaranteeAgency (MIGA)
Canada's support will help promote sustainable economic growth by providing access to insurance against political risks for private sector investment in a large number of fragile and conflict-affected countries, such as Haiti. The facility will offer private-sector investors coverage against expropriation, war, terrorism and civil disturbances, breach of contract, non-honouring of sovereign financial obligations, and currency inconvertibility and transfer restrictions. The new facility will support a range of investments in sectors such as agribusiness, finance, manufacturing, and infrastructure.
The MIGA, the political risk insurance arm of the World Bank Group, will establish and manage the facility.
Canada Technical Assistance Account - International Monetary FundContribution: $19 million over three yearsImplementing partner: International Monetary Fund
Canada's support promotes sustainable economic growth by establishing conditions in developing countries that attract private sector investment and trade, and alleviate poverty. Technical expertise will help developing countries in the Caribbean, the Middle East, and North Africa increase their capacity to manage their debt and fiscal policies, and help them weather financial and economic crises.
JamaicaContribution: $27 million
Canada is committing $27 million in new funding to help create the conditions that will encourage private-sector-led development in Jamaica. This includes support to assist youth who are at risk of turning to crime.
Daniel Bezalel Richardsen
Press Secretary to the Minister of International Cooperation
Media Relations Office
Canadian International Development Agency (CIDA)
Follow us on Twitter: @CIDA_CA