Our government's commitment to helping people who live in poverty and responding to humanitarian crises remains strong. Our government understands that as the driving force behind economic growth, private sector investment is essential to raise people out of poverty and put them on the road to prosperity. So I'm pleased that our budget announced a new mechanism to partner with the private sector to help bring people out of poverty in developing countries. This legislation will therefore enable more effective partnering with the private sector and emerging and frontier markets on projects that support development results, thereby complementing Canada's official development assistance. It will enhance Canada's ability to advance its development priorities by partnering with the private sector to address critical financing gaps in developing countries.
With this initiative Canada joins other nations, including every G-7 country, that have put in place development finance tools. The establishment of this new initiative is an important addition to Canada's development tool kit, which will promote Canadian investment opportunities in developing countries.