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Canadian support for economic growth and development in the Americas
The initiatives support the Summit of the Americas theme, “Connecting the Americas: Partners for Prosperity,” in particular the sub-theme of economic growth and integration:
Canadian Climate Fund for the Private Sector in the Americas
Canada’s contribution: $250 million over two years ($200 million in 2011-12 and $50 million in 2012-13)
This fund, managed by the Inter-American Development Bank (IDB), will support private sector climate mitigation and adaptation projects that require loans with concessionary terms to be viable. The Fund will provide financing to projects focused on renewable energy, energy efficiency, and reducing greenhouse gas emissions and climate change vulnerabilities. It is anticipated that Canada's contribution to the Fund will leverage up to U.S. $5 billion in private sector investment, providing increased energy security, while leading to the reduction of up to 50 million tonnes of greenhouse gas emissions over the Fund’s 25-year life.
The IDB, the Inter-American Investment Corporation and/or the Multilateral Investment Fund will co-finance Fund projects.
Sustainable Energy Access for the Latin America - Caribbean Region
Canada’s contribution: $9.55 million over six years commencing in 2012
Implemented by the Latin American Energy Organization (OLADE), this project will support improved access to sustainable and affordable energy needed to promote economic growth. The project will improve the capacity for energy planning and regulation across countries in the region, facilitating the dissemination and implementation of corporate social responsibility principles in the energy sector.
Canada – Americas Business Environment Reform (CANAMBER)
Canada’s contribution: $11 million over five years commencing in 2012
Delivered by the International Finance Corporation (IFC), this project will provide technical assistance to strengthen the investment climate in selected countries, which is a priority for the IFC in the Latin American and Caribbean region. This project will help improve and protect the investment climate, as well as enable business creation and entrepreneurship by helping create jobs through better regulation and enforcement.
OAS Cooperation Plan
Canada’s contribution: $20 million over three years commencing in 2012
Canada remains committed to supporting the Organization of American States (OAS) as the leading multilateral organization of the Americas. With Canada’s support, the OAS will provide technical assistance to help governments and the private sector in Latin American and Caribbean countries improve market access and participation in regional and global trade. In addition, the OAS will strengthen national electoral systems and processes and the application of human rights instruments related to gender equality by member states.
Prime Minister Harper also announced a new Canadian development initiative that will help Peru improve its energy management and planning.
Sustainable and Efficient Management of Energy Resources in Peru
Canada’s contribution: $19 million over 5 years commencing in 2012
Working with the Inter-American Development Bank (IDB), Canada will help strengthen the capacity of the Peruvian Government to plan and manage energy resources efficiently and in a sustainable manner. Peru’s recent economic growth has been fuelled by the development and consumption of its large natural resource base, of which energy resources form an important part.
Canada’s $19 million investment is leveraging a $26.7 million contribution from the IDB to address Peru’s energy challenges (a policy-based loan of $25 million and non-reimbursable technical cooperation of $1.7 million), for a total project of $45.7 million (in addition to in-kind contributions from the Government of Peru). The IDB has recently supported the Ministry of Energy and Mines to develop strategic plans and guidelines for its sustainable energy development and electricity planning, to which this project is aligned.
