Today's announcements reaffirm Canada's commitment to advancing sustainable economic growth in developing countries in Asia. Canada is supporting the following two projects:
Economic Management and Competitiveness Credit, Vietnam – $12 million, World Bank Group
This project seeks to improve competitiveness, drive growth and reduce poverty in Vietnam. The Economic Management and Competitiveness Credit project supports policy actions in three areas key to economic reform:
- promoting macroeconomic stability;
- improving public sector administration by increasing transparency, efficiency and accountability; and
- creating an enabling business environment that promotes private sector development.
Indonesia Agribusiness Development – $10 million, International Finance Corporation
The project aims to reduce poverty among smallholder farmers by supporting the development of sustainable agribusiness (the business of agricultural production, including crop production, input supply, and marketing of agricultural products). It will increase the incomes of smallholder farmers, increase investment in agriculture and rural communities, and increase demand for sustainably produced agricultural commodities. Project activities include:
- developing business models for sustainable agricultural production, post-harvest handling and marketing;
- training and advising private sector buyers and input suppliers to train and provide services to smallholder famers;
- training bank staff on new financial products for smallholders;
- training plantation staff on sustainable community investment; and
- training consumer products firms about market opportunities of sustainable products.
DFATD programs help Asian nations develop their capacity to address the continent’s most pressing challenges: reducing poverty; consolidating economic gains; and strengthening governance, political inclusion, social development and environmental protection.
In fiscal year 2012–2013, Canada provided approximately $1 billion in official development assistance to countries in Asia.