Canada’s development finance plan: How to go beyond low-hanging fruit

By Aniket Bhushan

Prime Minister Justin Trudeau and his coterie of eloquent ministers went to considerable lengths last week at the World Economic Forum in Davos to rebrand Canada and double down on the “Canada is back” message. While it was good to see that innovation in development financing was one of the many areas the government targeted, its focus on one relatively small initiative is problematic.

In a joint release, Chrystia Freeland, Canada’s Minister of International Trade, and Marie-Claude Bibeau, Minister of International Development, welcomed the launch of a “new Canadian initiative [that] will support investment in emerging markets.” The initiative is a platform called Convergence and it will be run out of Toronto’s MaRS Discovery District. Canada is investing $23.5 million to get Convergence started, and the expectation is that this relatively small investment will lead to projects worth $10 billion over the next five years.

This is great and very welcome. Except it is not new.

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