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Innovative Development Finance – What’s next for Canada?
June 20 @ 8:30 am - June 21 @ 5:00 pm EDT
June 20-21 –Delegation of the Ismaili Imamat 199 Sussex Drive, Ottawa
In partnership with the Aga Khan Foundation Canada
Day 1 will build your understanding of the tools, features, benefits and challenges of non-grant and grant based funding models for development in the context of innovative finance.
Day 2 unpacks opportunities for civil society organizations to harness innovative finance for social change. It will also offer an opportunity for program staff to learn how CCIC members have harnessed innovative finance to realize development results.
Achieving the ambitions of the 2030 Agenda for Sustainable Development and its intersecting Sustainable Development Goals (SDGs) will require a collective global investment of trillions of dollars annually. Official Development Assistance from major Northern donors in the Organization for Economic Cooperation and Development represents approximately $150 billion dollars per year. To reach the levels of financing needed to leave no one behind in global development – and to ensure that development is sustainable economically, socially, and environmentally – states, civil society, the private sector, and other partners in development cooperation will need to jointly leverage significant additional investments. Accordingly, growing attention is being paid to innovative financing for development. Civil society organizations (CSOs) working in global development cooperation and humanitarian assistance will need to become familiar with the innovative finance agenda in order to maximize their own contribution to making the SDGs a reality.
But what is “innovative” financing really? How is it different from business as usual? How can this approach be aligned with the human rights, gender equality, and inclusion at the heart of effective development cooperation, and with humanitarian principles? How can civil society organizations harness opportunities presented by innovative financing?
In Canada, Budget 2018 included a commitment of $1.5 billion for innovative financing mechanisms, including new delivery systems for sovereign loans and announced the imminent launch of a range of other modes of financing – including the increased use of private sector instruments such as equity and guarantees as well as repayable instruments. The Budget Implementation Act of Autumn 2018, and the International Financial Assistance Act therein, provided the regulatory and legislative structures to implement these commitments. In early 2019, Global Affairs Canada consulted civil society partners and other stakeholders on a draft guidance note for the implementation of innovative financing mechanisms for development programming by the Government of Canada. Yet a great deal of uncertainty remains in terms of what mechanisms will be adopted in which circumstances, and how civil society will be expected and empowered to engage with these new forms of leveraged finance.
Limited space available
|CCIC Member outside the National Capital Region||$120|