Thank you, Mr. Chair and members of the committee, for the invitation to appear today.

Good afternoon.

On behalf of FinDev Canada, it's a privilege to share with you more about FinDev Canada and what we are accomplishing in Africa in alignment with Canada’s Africa strategy.

FinDev Canada is Canada’s bilateral development finance institution and was established in 2018 as a wholly owned subsidiary of Export Development Canada.

We support development through the private sector by providing financing, investment and blended finance solutions, as well as technical assistance, to support sustainable and inclusive growth in emerging markets and developing economies.

We were established to complement the range of tools that Canada has in place to address the significant development challenges these markets face, with a focus on supporting growth and prosperity through the private sector.

Since our inception, FinDev Canada has finalized over $2.9 billion in investments with over 59 clients.

Operating in Latin America and the Caribbean, sub-Saharan Africa and, more recently, the Indo-Pacific region, we have a dual mandate to achieve both development impact and financial sustainability.

We are guided by three development impact goals: climate and nature action, gender equality and market development, which means that we assess each transaction for its current and potential impact on these goals. Financial sustainability means generating sufficient returns to cover our costs.

This approach makes FinDev Canada an effective public policy tool for Canada’s development, economic and foreign policy priorities. We leverage private sector solutions to achieve development impact at scale, we support development and strengthening of key global relationships and we do so as a responsible financial steward growing the government’s capital.

We focus on three sectors: the financial industry; agribusiness, forestry and their value chains; and sustainable infrastructure, which I will explain through examples in our portfolio.

First is the financial industry. We support banks, financial co-operatives, investment funds and other financial intermediaries. The financial industry allows us to reach end-clients that we would not have the ability to reach directly: for example, micro, small and medium-sized businesses. One example is CRDB Bank in Tanzania, where we provided a loan to support on-lending to climate-smart companies, small and medium-sized enterprises and women-led businesses.

A strong, deep and resilient financial system is a bedrock of development, and supporting local financial institutions also helps us, as Canada, contribute to broader capital market development as a result.

The second is agribusiness, forestry and their value chains. This means that we support private sector opportunities across a range from production to distribution. In South Africa, for example, we invested in Phatisa Food Fund 2, a pan-African private equity fund investing in companies across the food value chain. FinDev Canada provided Phatisa with an equity investment that has helped to create 3,800 jobs and to support over 15,000 smallholder farmers, 50% of whom are women. This develops food production, distribution and markets for African people and the broader global economy.

Finally, there is sustainable infrastructure. This means building inclusive, low-carbon and climate-resilient economies through renewable energy, sustainable transport, water and sanitation, and digital inclusivity. One demonstration of our commitment to sustainable infrastructure in the region is through our equity investment in the energy entrepreneurs growth fund alongside the 2X Canada blended finance facility funded by Global Affairs Canada and implemented by us to promote gender equality.

The fund is seeking to close the energy gap in expanding access to clean affordable energy for off-grid households and businesses. Thus far, this investment has avoided 506,000 tons of carbon dioxide emissions and has delivered solar energy solutions to 1.37 million people, many in rural and low-income communities. This model is increasing inclusivity for African women and productivity and competitiveness for African people and small businesses.

Sub-Saharan Africa has always been one of our priority regions, currently representing close to 37% of our portfolio, which translates to more than $1 billion in funding and investment for 20 clients.

Our approach in Africa is anchored in partnerships, working closely with Global Affairs Canada, multilateral development banks, peer development finance institutions and private investors to deliver results.

At FinDev Canada, we say that our business moves at the speed of trust, and to continue to earn that trust, we're expanding our physical presence.

In the spring of this year, 2026, we'll open a regional office in Cape Town, deepening our engagement and partnership in South Africa and across the region, demonstrating that Canada is having an important impact on the continent.

Beyond this, investment in private sector-led growth in emerging markets is critical to Canada's priorities on shared economic prosperity, climate and supply chain resilience, global stability and deepening relationships in high-growth markets. FinDev Canada is an effective public policy instrument that is contributing to these goals.

Thank you, Mr. Chair and members of the committee. I look forward to your questions.

Meeting #18