Foreign Affairs, Trade and Development Canada

Foreign Affairs, Trade and Development Canada

October 11, 2013 13:02 ET

Minister Paradis Promoting Job Creation, Sustainable Economic Growth and Financial Stability at the World Bank/International Monetary Fund Annual Meetings

WASHINGTON, DISTRICT OF COLUMBIA--(Marketwired - Oct. 11, 2013) - Today the Honourable Christian Paradis, Minister of International Development and Minister of La Francophonie, wrapped up a two-day trip to Washington, DC where he promoted job creation, sustainable economic growth and financial stability in developing countries at the 2013 Annual Meetings of the World Bank Group and the International Monetary Fund.

"Economic growth is the number one way to break the cycle of poverty and create global prosperity" said Minister Paradis. Working with countries to grow their economies helps them become more self-sufficient and better able to provide for their citizens. "The World Bank and International Monetary Fund's global development objectives support Canada's goals of prompting mutual accountability, building country resilience, improving child survival and reducing poverty through private sector involvement."

While in Washington, Minister Paradis advanced Canada's priorities at official meetings and side events, and held bilateral discussions with his counterparts and Canada's international partners. The Minister also announced support to the Toronto Centre's Strengthening Financial Sector Supervision and Regulation initiative, which aims to improve economic growth, financial stability and access to finance in developing countries. Minister Paradis made the announcement at an event hosted by the Toronto Centre, a non-profit Canadian organization that promotes financial stability and access to financial services globally, particularly in emerging markets and low-income countries.

"Ending extreme poverty and promoting global prosperity are two sides of the same coin," added Minister Paradis. "We know that building prosperity where populations have only ever lived in poverty is neither simple nor easy, but it is a challenge that Canada will continue to pursue with the help of partners such as the Toronto Centre."

Canada is a founding member of the World Bank Group and holds a permanent seat on the 25-member board of directors. The annual meetings bring together ministers of finance and development, heads of international organizations, and private and not-for-profit sector representatives to discuss the world economic outlook, poverty eradication and aid effectiveness, as well as the strategic plans, research and programming of these important multilateral institutions.

The World Bank Group is one of Canada's most important international development partners and delivers a significant share of Canada's international assistance to advance the Government's aid agenda.

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Today's announcement by Minister Paradis reaffirms the government's commitment to advancing sustainable economic growth in developing countries; as well it highlights Canada's ongoing partnership with the Toronto Centre.

Canada is providing $20 million over five years to the Toronto Centre's "Strengthening Financial Sector Supervision and Regulation" initiative.

This initiative aims to strengthen financial sector supervision and regulation in developing countries, in order to improve economic growth, financial stability and access to finance. Project activities include:

  • multi-year country programs to develop leadership competencies and to help improve financial regulatory and supervisory capacity;
  • country, regional and international training in the areas of banking, insurance, pensions, securities, microfinance and micro-insurance; and
  • the establishment of a new division to deliver practical advice and analysis of research on emerging issues.

Created in 1998 with the support of the Government of Canada, the World Bank and the Schulich School of Business (York University), the Toronto Centre is a not-for-profit organization that promotes financial stability and access to financial services globally by building the capacity of financial sector regulators and supervisors, particularly in emerging markets and low-income countries. The Centre's training programs help build the expertise and leadership skills in supervisory and regulatory agencies to promote financial stability, prevent crises, and improve financial access.

This funding includes a $2-million component related to countries in the Association of South East Asian Nations (ASEAN) already announced by the Honourable John Baird, Minister of Foreign Affairs, on July 2, 2013.

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