Project profile — 2X Canada: Inclusive economic recovery



Overview 

CA-3-P009930001
$75,900,000
Development Finance Institute CanadFinDev Canada (11003)
2021-03-29 - 2036-03-29
Operational
Global Affairs Canada
MFM Global Issues & Dev.Branch

Country / region 

• Africa, regional (50.00%)
• West Indies, regional (15.00%)
• South America, regional (35.00%)

Sector 

• Formal sector financial intermediaries:
Formal sector financial intermediaries (24030) (47.50%)
Informal/semi-formal financial intermediaries (24040) (47.50%)
• Business And Other Services: Business Development Services (25030) (5.00%)

Policy marker 

• Gender equality (significant objective)
• Environmental sustainability (cross-cutting) (significant objective)
• Participatory development and good governance (not targeted)
• Trade development (not targeted)
• Biodiversity (not targeted)
• Climate change mitigation (not targeted)
• Climate Change Adaptation (not targeted)
• Desertification (not targeted)
• Urban issues (not targeted)
• Children's issues (not targeted)
• Youth Issues (not targeted)
• Disaster Risk Reduction(DRR) (not targeted)
• Indigenous Issues (not targeted)
• Disability (not targeted)
• Nutrition (not targeted)
• ICT as a tool for development (not targeted)

Description 

This project aims to enhance the resilience and socioeconomic well-being of low-income, underserved and marginalized populations, particularly women and girls, in Official Development Assistance (ODA) eligible countries in the Caribbean, Latin America and Sub-Saharan Africa. The Facility adopts a whole of Canada approach to help address COVID-19 economic recovery in ODA-eligible countries. It uses a repayable contribution to help mobilize additional public and private investment in support of the Facility’s expected outcomes. Project activities include: (1) providing financing to financial intermediaries, including banks, financial cooperatives, and private equity funds, that actively drive impact towards women’s economic empowerment; (2) providing complementary technical assistance to improve the financial performance and development impact of investees and ultimate beneficiaries; and (3) disseminating data and lessons learned to increase the scale of investments made using a gender lens. The Facility supports women as entrepreneurs, employees and consumers of essential goods and services in target geographies.

Expected results 

The expected outcomes for this project include: (1) enhanced economic resilience, development and sustainability of micro, small and medium-sized enterprises (MSMEs), in particular, women-led and owned MSMEs, smallholder farmers and low-income customers; and (2) increased development, visibility and sustainability of pro-poor and gender-responsive markets in high-impact sectors, including agribusiness.

Results achieved 

Results achieved as of April 2023 include: (1) invested in the Energy Entrepreneurs Growth Fund, an impact fund that contributes to greater access to clean energy in Africa; (2) invested in the LocFund. This impact fund supports microfinance institutions lending to small businesses with a focus on women-owned enterprises in Latin America; and (3) invested in Cooprogreso, a financial institution that supports providing financial services to low-income customers in Ecuador.

Budget and spending 


Original budget $0
Planned disbursement $0
Transactions
Country percentages by sector
Type of finance Reimbursable grant
Collaboration type Bilateral
Type of aid Project-type interventions
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