Foreign Affairs Committee on Jan. 27th, 2026

[Lori Kerr]

I wish I had a slide to show you, because we've actually been doing some research on this and how we fit into that broader ecosystem. We would be happy to provide that afterwards, if that would be useful for the members.

[Rob Oliphant, Liberal, Don Valley West, ON]

We would like to see that.

[Lori Kerr]

Sure thing.

[Rob Oliphant, Liberal, Don Valley West, ON]

This is a short appearance, so anything else that FinDev Canada—you know I've changed the name—can offer to the committee in terms of Africa would be helpful to our study.

[Lori Kerr]

Wonderful. Will do. Thank you.

Where do we fit? If we take look at the bilateral development finance universe, many countries have them. The Europeans have many. We're an associate member of the Association of European Development Finance Institutions. There are 15 European institutions. I would say that if we look at where we fit, the big ones, if you will....

We'll leave aside the U.S. DFC for a moment and the changes they're going through. If we take a look at British International Investment and our U.K colleagues; if we look at FMO and our Dutch colleagues; and if we look at several others, they're old. They're very well capitalized by the multiple, by 10 times FinDev Canada. We're a young, small and growing organization. Certainly, we have aspirations to grow much more. We can provide you with a visual that shows you where we are compared with our peers.

[Rob Oliphant, Liberal, Don Valley West, ON]

What would you do with more money?

[Lori Kerr]

What would we do with more money? Thank you for the question. We have a solid business plan and we have a solid strategy. It would be more about scaling up FinDev Canada in the markets that we serve right now in the three regions. We could look at other opportunities but do more of the good work to provide returns to Canada. We've been very diligent in making sure that we're continuing to focus on the African region as well the other regions I mentioned.

Demand is infinite across emerging markets. For us to be able to play a more critical role to achieve the goals of Canada's foreign policy, capital would certainly help us do that.

[The Chair, Liberal, Ahmed Hussen]

You have 20 more seconds.

[Rob Oliphant, Liberal, Don Valley West, ON]

I'll be as generous as Lianne was.

[The Chair, Liberal, Ahmed Hussen]

Wonderful. Thank you very much.

We'll go next to MP Brunelle-Duceppe.

Mr. Brunelle‑Duceppe, you have the floor for six minutes.

[Alexis Brunelle-Duceppe, Bloc, Lac-Saint-Jean, QC]

Good afternoon, Ms. Kerr. Welcome to the committee. Thank you for joining us.

We have to keep in mind that the present study covers Canada’s Africa strategy.

Can you tell the committee your specific role in Canada’s Africa strategy? How does your organization fit into this strategy?

[Lori Kerr]

Thank you for your question.

I will answer in English, if I may.

[Alexis Brunelle-Duceppe, Bloc, Lac-Saint-Jean, QC]

Of course.

[Lori Kerr]

Thank you very much.

On the role that FinDev Canada plays in the Africa strategy, we're very much aligned with opportunities around economic growth, sustainable development and creating economic opportunities. Again, as we work with and through the private sector to contribute to growth on the continent, that's how we're aligned with the strategy.

[Alexis Brunelle-Duceppe, Bloc, Lac-Saint-Jean, QC]

Given that your role relates to the private sector, do you have a tool or official evaluation process to make sure there is no forced labour or child labour in the supply chains when you do business with the private sector or when you fund a project? Is there something that exists officially in the way you operate when you evaluate a project?

[Lori Kerr]

Thank you for your question.

Indeed we do. The environmental and social standards that I referred to a moment ago are based on the performance standards of the International Finance Corporation. This is really the global standard for development finance institution environmental and social due diligence. We look at that. We look at labour aspects, including child labour and also child labour in the supply chain. There's a working group of development finance institutions and multilateral development banks looking specifically at the solar supply chain as well. We do indeed look at that very closely.

[Alexis Brunelle-Duceppe, Bloc, Lac-Saint-Jean, QC]

My colleague, Mr. Oliphant, appeared to suggest that it’s okay to decrease the international assistance budget, as long as money is put in the right place. That’s what he said earlier.

You can check the blues, Mr. Guilbeault. I’ll be delighted to forward them to you.

Ms. Kerr, could you tell us why the United Nations Organization, the UN, has called on countries like Canada to budget 0.7% of their gross domestic product, or GDP, to international assistance? Canada is currently contributing 0.3% of its GDP to development assistance. That’s incredible. It’s less than what the government of Stephen Harper was budgeting for international assistance. Do you think the UN is wrong to call for a 0.7% GDP contribution? Furthermore, some countries, such as Norway, have followed through on this request.

[Lori Kerr]

Thank you for your question.

I think my colleagues at Global Affairs Canada would be in a better position to answer that question.

[Alexis Brunelle-Duceppe, Bloc, Lac-Saint-Jean, QC]

You fund projects, so you must have an opinion on UN requests to countries like Canada. Don’t you have any opinion on what the UN is asking for in international aid?

[Lori Kerr]

Thank you for your question.

What I can say is that the SDG gap is growing to $4 trillion. There's certainly a huge opportunity and, as I mentioned before, infinite demand in the markets that we serve. FinDev Canada is playing its role to contribute to closing those investment gaps in the work we do with the private sector.

[Alexis Brunelle-Duceppe, Bloc, Lac-Saint-Jean, QC]

Do you feel there is some competition with other foreign powers on the African continent when it comes to private sector financing? China and Russia immediately come to mind. Do you feel that competition on the ground, this desire among foreign powers that are not necessarily Canada’s allies to fund more and more projects?

[Lori Kerr]

Thank you for your question.

For us, in the work we're in, the scope we're in and dealing with the private sector, we don't feel that competition on the ground. As I mentioned, we're a partnership-oriented organization. We work very collaboratively with the multilateral development banks and other bilateral development finance institutions. It's more collaborative than competitive with them.

[Alexis Brunelle-Duceppe, Bloc, Lac-Saint-Jean, QC]

Do you have specific targets when it comes to projects concerning the francophonie in Africa? Are there selection criteria in your list of criteria when a project comes from the francophone private sector, as opposed to the anglophone sector, or that does not make any difference for you?

[Lori Kerr]

Thank you for your question.

We do not have a specific target. Right now, for francophone countries in Africa, our exposure's about 7% of the portfolio, but there's no specific target. They're higher-level targets than that. When an opportunity comes to us or we seek an opportunity, we look at it on the merits.

[Alexis Brunelle-Duceppe, Bloc, Lac-Saint-Jean, QC]

Sorry, perhaps I misunderstood. You say that 7% of your portfolio—