Thank you, Mr. Chair.
I want to thank our witnesses for being here this morning and for sharing their expertise. I think they'll be a great help when it comes to moving from concept to reality.
Since the start of the study, two concepts seem to have received unanimous support. These concepts are the importance of DFIs and additionality. However, in Canada, I wonder whether this is such a good idea. Let me explain.
Let's take the Canadian DFI concept. Mr. Medhora, you said earlier that $60 million a year would give the Canadian DFI very minimal capacities. You even questioned the decision to establish the institute in Montreal. You think this would result in additional administrative or operational costs, and leave little money for tangible investments in the field. If the lending institution must generate its own revenue quickly to increase its capacity, this seemingly leaves little room for venture capital.
Also, in terms of official development assistance, we have been moving backward each year. In 2015, the assistance amounted to around 0.28% of the national revenue. In 2016, the percentage dropped to 0.24%. In 2017, it will be a bit less. The Minister of Finance has already sent the message that we must learn to do more with less.
So, in the end, if cuts are being made all over the place, does the additionality concept really exist in the Canadian model? Could we actually do something with the two tools proposed, which have very few resources at their disposal?
My question is primarily for the people from Oxfam Canada, and then for Mr. Medhora.