Proparco and FinDev Canada signed on April 12 a memorandum of understanding to strengthen their collaboration and better serve the private sector and sustainable development.
This memorandum of understanding details priority areas for increased cooperation, including the financing of projects that contribute to strengthening women's economic power, projects tackling climate change and projects promoting financial inclusion in developing and emerging countries. The two institutions are also committed to working more closely in Africa and Latin America.
During the signing ceremony, Proparco's CEO Gregory Clemente said: "We share many priorities and a common ambition with FinDev Canada. I am delighted to see our two institutions committing themselves to work even more closely, in particular on climate and gender equality, two major markers of our activity."
"FinDev Canada is proud of this partnership with Proparco to invest in private sector ventures that benefit women in developing countries and contribute to climate change mitigation," said Paul Lamontagne, Executive Director of FinDev Canada. "Together, by mobilizing the private sector, we can do much more to achieve the United Nations Sustainable Development Goals. »
Promoting the economic role of women, a core priority for both insitutions
Both institutions are strongly involved in the 2X Challenge. The “2X Challenge” calls for the G7 and other DFIs to join together to collectively mobilize $3 billion in commitments that provide women in developing country markets with improved access to leadership opportunities, quality employment, finance, enterprise support and products and services that enhance economic participation and access.
Launched in June 2018 at the G7 Summit in Charlevoix, Canada, this initiative will be the subject of a progress report on the occasion of the G7 Summit in Biarritz, France, in August 2019.