Backgrounder - Canada a Leader in Leveraging Private Sector Investment to Stimulate Economic Growth, Create Jobs and Eradicate Poverty
Canada continues to show leadership in helping countries transition from development partners to self-sustaining and prosperous trading partners able to provide for their own citizens. Through accountable and responsible resource development, countries can create jobs, growth, and shared prosperity, helping lift millions out of poverty.
Canada is providing support for a range of new projects and initiatives that will help developing countries maximize the benefits of their natural resource wealth.
Transparency Trust Fund ($10 million)
Canada’s support to the Inter-American Development Bank (IDB) will help improve extractives sector governance in Latin America. Programming resulting from Canada’s support will help countries increase transparency in the extractive resources sector related to oversight and the publication and verification of company tax, royalty payments, and other government revenues.
African Legal Support Facility ($10 million over five years)
The facility will help at least twenty African governments by providing legal expertise and capacity-building assistance to negotiate and review complex contracts with mining, oil, and gas companies.
This is the first initiative undertaken as part of the Extractives Cooperation for Enhanced Economic Development (EXCEED) Program. The program, announced by Minister Paradis on February 3, 2014, is a new funding mechanism to expand Canada's involvement in areas of high development impact in the extractive resources sector in Africa.
Indonesia Transparency in the Extractive Sector Project ($1.2 million over two years)
Canada’s support will help the Government of Indonesia achieve compliance and build momentum to remain in compliance with the global standard set by the Extractive Industries Transparency Initiative (EITI). The EITI seeks to increase transparency in the oil, gas, and mining sectors through the implementation of standards related to the publication and verification of company tax, royalty payments, and other government revenues. At present, 25 countries have been deemed “EITI-compliant” (including Mozambique, Peru, and Tanzania), with another 16 countries in the process of implementing the EITI.
This assistance targeting Indonesia complements the $20 million disbursed over four years in Canada's support to the EITI and the Extractive Industries Technical Advisory Facility in developing countries, announced by Prime Minister Harper on October 14, 2012.
Promoting Economic Growth in the Extractive Sector through members of the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development ($1.1 million over one year)
Canada’s support to the International Institute for Sustainable Development will help developing countries strengthen their mineral development regimes, and pilots an integrated approach to mining sector planning that increases water, energy, and food security.
Canada’s Support to the Clinton Health Access Initiative ($460,598 over one year)
Canada will support an analysis of the impact of tuberculosis in the mining sector on communities of origin in Southern Africa. In addition, this analysis will identify and estimate the cost of various options for public-private efforts that address the challenge of tuberculosis in affected communities.
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