Foreign Affairs Committee on Jan. 27th, 2026

[Steven Guilbeault, Liberal, Laurier—Sainte-Marie, QC]

Thank you.

There was $1.5 billion that was raised through this initiative. How much was the investment by FinDev that allowed that $1.5 billion to be raised?

[Lori Kerr]

We had a $75-million investment. I can give you the exact capital stack and follow up with more detail on it. We reached $600 million close in October 2025 and the second close will bring us to the $1.5 billion. The majority of that will be private sector investment whether it's pension funds or insurance companies and global banks.

[Steven Guilbeault, Liberal, Laurier—Sainte-Marie, QC]

It was $75 million of Canadian investment leveraging $1.5 billion of investment for developing countries, least developing countries, small island states, in adaptation, which is the hardest thing to finance right now in the climate space because it's harder to define returns. What was the reaction? How was this fund received by developing countries, some other funds that are similar to FinDev around the around the world and private institutions?

[Lori Kerr]

It's been very well received. When we went into this at the architect period of designing GAIA, it was really to create a blueprint. It was really to create a replicable model that could be leveraged and adapted going forward. It was very well received.

[Steven Guilbeault, Liberal, Laurier—Sainte-Marie, QC]

It would be really nice if you could share with the committee some of the elements, maybe press clippings of when the funds were announced in 2024 and the architecture. I do think that it is a model, and many in fact have said that it is a model that can and should be imitated to face the climate and nature crisis in countries and sectors that are more difficult to fund.

Thank you, Chair. I have no more questions.

[The Chair, Liberal, Ahmed Hussen]

Thank you very much, Mr. Guilbeault.

Next we'll go to Mr. Duceppe.

You have two and a half minutes.

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

Thank you, Mr. Chair.

This is my last round. I wish to thank the witnesses for their work.

Ms. Kerr, perhaps I’m the one who misunderstood, but I’m not sure I understood one part of your presentation.

Is the share of your investment portfolio in francophone countries in Africa 7% of your total investment?

[Lori Kerr]

I'm happy to provide clarification. The current composition of our African portfolio has 7% in the Francophonie. That's correct.

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

More than 50% of countries in Africa have French as either a first, second or third official language. How do you explain the fact that the proportion of the investment portfolio in francophone countries in Africa is so low? That’s not meant as an accusation, but nevertheless, I’m raising this question because in relative terms, there are more francophone countries than anglophone ones on the African continent.

[Lori Kerr]

I would say the opportunity to find commercially viable projects at a size and scale that would be fitting with our current strategy at FinDev Canada. It's the opportunity set is what I would say. This is why blended finance opportunities, or blended finance structures and additional concessional finances, are helpful to be able to reach markets.

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

Approximately how many of your employees speak French?

I just want to start a discussion, but if you don’t have francophone employees in your organization, do you think that makes it harder to develop markets or to have partnerships in francophone countries?

As I said, this is just an observation, not an accusation.

[Lori Kerr]

I'm happy to provide the data point for FinDev Canada staff on speaking French without a problem. Again, I would say it's more of the opportunity set that's being offered in the country. Again, we can go down-market and seek more opportunities.

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

Nonetheless, it’s surprising to see that these business opportunities account for just 7% of the portfolio, even though there are more francophone countries.

Thank you very much for your testimony. That was very kind.

[The Chair, Liberal, Ahmed Hussen]

Thank you very much, Madam Kerr, for joining us and for your testimony today, we appreciate it. Thank you for your remarks as well.

We'll turn to Madam Fortier.

[Mona Fortier, Liberal, Ottawa—Vanier—Gloucester, ON]

Thank you, Mr. Chair.

Earlier, I informed committee members that I wanted to table a motion today. You all have a hard copy of the motion, which has been drafted as follows:

That the Committee agree to undertake a subject-matter study of Bill C‑15, specifically clauses 460 to 462 (Division 27); that it invite the Minister of Foreign Affairs for one hour, followed by one hour with officials from Global Affairs Canada; and that it forward any recommendations or proposed amendments to the Standing Committee on Finance by Thursday, February 27, 2026.

Thank you, Mr. Chair.

[The Chair, Liberal, Ahmed Hussen]

Are members in agreement with the motion?

Go ahead, Mr. Chong.

[Michael Chong, Conservative, Wellington—Halton Hills North, ON]

I have one question. The Senate committee studied both divisions 18 and 27. Why are we not getting division18? Why are we just getting division 27?

[Mona Fortier, Liberal, Ottawa—Vanier—Gloucester, ON]

I don't know.

[Michael Chong, Conservative, Wellington—Halton Hills North, ON]

If you don't know, that's fine.

[Mona Fortier, Liberal, Ottawa—Vanier—Gloucester, ON]

This was what I was asked to read to make sure we comply with the current motions.

It's a good question. Maybe somebody can answer for me.

[Michael Chong, Conservative, Wellington—Halton Hills North, ON]

Thank you, Chair. I have no further questions.

[Mona Fortier, Liberal, Ottawa—Vanier—Gloucester, ON]

I will find an answer for you.

[The Chair, Liberal, Ahmed Hussen]

If there's agreement, I will consider the motion passed.

(Motion agreed to)

Next I would request agreement from members to go in camera so that we can have a discussion on travel. We'll need a few minutes for folks to exit the room and for the clerk and his team to set up for our in camera discussion.

[Proceedings continue in camera]