WASHINGTON, DISTRICT OF COLUMBIA--(Marketwired - April 19, 2013) - The Honourable Julian Fantino, Minister of International Cooperation, attended the spring meetings of the World Bank Group and International Monetary Fund , where he led discussions aimed at creating the conditions for sustainable economic growth to help move people from poverty to prosperity.
"Growing businesses remains one of the most effective means of securing long-term sustainable economic growth," said Minister Fantino. "Canada is collaborating with country partners, international organizations and the private sector to enhance development and reduce poverty in those places most in need around the world."
Minister Fantino hosted a round table that included several prominent Canadian business leaders, where the discussion focused on strengthening the partnership opportunities between the Canadian private sector and the World Bank Group. He affirmed Canada's commitment to working with partners who can help achieve sustainable economic development for those people most in need around the world.
During the meetings, Minister Fantino met with Jin-Yong Cai, Executive Vice-President and CEO of IFC, a member of the World Bank Group, and announced an agreement on the establishment of a new Canada-IFC Partnership Fund. The new fund will strengthen the private sector's role in development by focusing on financial sector innovations and sustainable development of the extractive sector, with particular attention to women's economic development.
"Long-term prosperity depends on a vibrant private sector that can expand opportunity for all," Cai said. "Establishing the Canada-IFC Partnership Fund will enable us to expand inclusive growth and deploy our resources in ways that maximize our development impact."
On the margins of the World Bank Group meeting, Minister Fantino chaired a meeting between international donors and the Government of Haiti. The meeting focused on how to better coordinate development efforts and strengthen accountability for results in Haiti.
At a separate event on "Investing in Agriculture for Nutrition", co-hosted by Canada and Ireland, Minister Fantino raised awareness of the devastating effects of under-nutrition on child development and the economic potential of nations. Tomorrow, Minister Fantino will participate in International Monetary Fund discussions as well as hold several bilateral meetings with key international development partners.
At all meetings of the World Bank Group and International Monetary Fund Minister Fantino will reaffirm Canada's committment to poverty alleviation and humanitarian assistance. As stated in Economic Action Plan 2013, the new Department of Foreign Affairs, Trade and Development will enhance coordination of international assistance with broader Canadian values and objectives, and put development on equal footing with trade and diplomacy. The amalgamation will help Canada achieve greater efficiency and accountability for its international development assistance.
Backgrounder
World Bank Group and Private Sector Round Table
During the World Bank meetings, Minister Fantino hosted a round table to strengthen the partnership opportunities between the Canadian private sector and the World Bank Group.
Prominent Canadian business leaders participated, including:
- David Baron, Chief Executive Officer, Cowater International Inc.
- Lucien Bradet, President and Chief Executive Officer, Canadian Council on Africa
- Mark Cameron, Director, Global Public Policy, BlackBerry
- Robert Francis, President, Agriteam Canada Consulting Inc.
- Faizel Jaffer, Director Legal and Corporate Development, Intellipharmaceutics
- Peter Kieran, President and Chief Executive Officer, CPCS Transcom Limited
- Michael Matichich, Global Technology Lead, Financial Services, CH2M Hills
- Richard B. McCorkindale, Director, International Corporate and Commercial Banking - Structured Finance, The Bank of Nova Scotia
- Don McCutchan, International Policy Advisor, Gowlings
- Augusto Patmore, Partner, Global Infrastructure Advisory, KPMG
- Tristan Rutter, Chief Executive Officer, Populusgs
- David Slack, Vice President, Bombardier
Canada-IFC Partnership Fund
Canada is providing $20 million to IFC to create a Canada-IFC Partnership Fund. The fund will promote sustainable economic growth by leveraging private sector investment.
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 .
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. They help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In 2012, their investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world's most pressing development challenges.
