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New Canadian initiative will support investment in emerging markets
January 20, 2016 - Davos, Switzerland - Global Affairs Canada
Bringing together public and private investors around opportunities in emerging markets, the Honourable Chrystia Freeland, Minister of International Trade, and the Honourable Marie-Claude Bibeau, Minister of International Development and La Francophonie, today applauded the launch of the Convergence investment platform.
Headquartered in Toronto, Convergence is the first and only platform that helps public and private investors find and connect with each other to co-invest in emerging and frontier markets. Convergence highlights the leadership role that Canada has taken to raise awareness and promote tangible blended financing mechanisms that can help address critical investment gaps in delivering health and education, growing businesses and supporting infrastructure development. The Government of Canada contributed $23.5 million to create the Convergence platform.
“Today, we are making it easier for public and private investors to pursue purpose-driven investing and find co-investors. Convergence is a tremendous and innovative way to encourage more development financing, which will in turn lead to economic growth and stability. Toronto-based Convergence demonstrates how Canada continues to be a world leader and pioneer in blended finance.”
- Hon. Chrystia Freeland, P.C., M.P., Minister of International Trade
“Canada is committed to becoming a leader in innovative approaches to financing for development. Canada’s support of Convergence exemplifies this commitment given that the platform will mobilize private-sector resources and expertise to help the world’s poorest and most vulnerable people, which will be a crucial factor in achieving the United Nations’ Sustainable Development Goals.”
- Marie-Claude Bibeau, Minister of International Development and La Francophonie
- The Minister of International Trade spoke at the launch of the Convergence platform at the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland.
- Convergence will be headquarted in Toronto’s MaRS Discovery District, and already comprises over 30 public and private partners.
- Canada is investing $23.5 million in Convergence as part of the Redesigning Development Finance initiative of the WEF and the Organisation for Economic Cooperation and Development.
- Funding will flow over five years to cover Convergence's operations and grant program.
- It is anticipated that the value of projects listed on the Convergence platform will reach up to $10 billion over the next five years.
- Convergence will help investors to efficiently find blended-finance opportunities and co-investors by broadening their networks and simplifying the screening process.
- Convergence will set up an online platform to post proposed deals and projects so that investors can search and connect with deal proponents.
- Convergence will also ease the investment process for both new and experienced investors through a range of practical tools and resources on how to structure blended-finance transactions and streamline the investment process.
- As noted in the ministerial mandate letters, the ministers of International Trade and International Development will work with the Minister of Finance on development financing.
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