In order to support the execution of the two new programs, the Minister of Foreign Affairs and the Minister of International Development need new legislative powers, notably: the power to grant sovereign loans to eligible developing countries, to any order of government, as well as to entities or persons, on condition that those loans be guaranteed by the government of the foreign state that will benefit from the loan; the power to provide financial guarantees to ensure the partial execution of an agreement in case the principal contracting party does not do so, which would allow the related investments to proceed;
the authority to acquire, hold, and dispose of equity, ownership in a stock, or any other security representing an ownership interest to catalyze investments, and/or preserve the value of Canada's interest; and the authority to charge fees and to issue guarantees and interest on loans they make in the context of the two new programs.
The IFIA Act also provides the authority for equity to be acquired, held and sold in the context of Global Affairs' climate change repayable contributions programming to preserve the value of the government's assets. Overall, by supporting innovation and enabling a broader range of development partnerships including with the private sector, these new financial tools will enable Global Affairs Canada to use Canadian official development assistance more strategically to mobilize additional resources in support of sustainable development.
I'd be happy to take your questions.