• News
    • Latest news
    • News search
    • Health
    • Finance
    • Food
    • Career news
    • Content series
    • Try Devex Pro
  • Jobs
    • Job search
    • Post a job
    • Employer search
    • CV Writing
    • Upcoming career events
    • Try Career Account
  • Funding
    • Funding search
    • Funding news
  • Talent
    • Candidate search
    • Devex Talent Solutions
  • Events
    • Upcoming and past events
    • Partner on an event
  • Post a job
  • About
      • About us
      • Membership
      • Newsletters
      • Advertising partnerships
      • Devex Talent Solutions
      • Contact us
Join DevexSign in
Join DevexSign in

News

  • Latest news
  • News search
  • Health
  • Finance
  • Food
  • Career news
  • Content series
  • Try Devex Pro

Jobs

  • Job search
  • Post a job
  • Employer search
  • CV Writing
  • Upcoming career events
  • Try Career Account

Funding

  • Funding search
  • Funding news

Talent

  • Candidate search
  • Devex Talent Solutions

Events

  • Upcoming and past events
  • Partner on an event
Post a job

About

  • About us
  • Membership
  • Newsletters
  • Advertising partnerships
  • Devex Talent Solutions
  • Contact us
  • My Devex
  • Update my profile % complete
  • Account & privacy settings
  • My saved jobs
  • Manage newsletters
  • Support
  • Sign out
Latest newsNews searchHealthFinanceFoodCareer newsContent seriesTry Devex Pro
    • News
    • Canadian aid

    Elissa Golberg on Canada's development finance efforts

    The Canadian government has more authorities, a new institution, and new money to explore innovative finance for development. To learn more, Devex speaks to Global Affairs Canada's assistant deputy minister for strategic policy.

    By Adva Saldinger // 28 January 2019
    Elissa Golberg, assistant deputy minister for strategic policy at Global Affairs Canada. Photo by: Sikarin Thanachaiary / World Economic Forum / CC BY-NC-SA

    PARIS — Canada has been exploring and working on innovative financing methods for years, but with the feminist international assistance policy, a new development finance institution, new authorities for Global Affairs Canada, and some new funding, it will be doing even more work in the sector in the years ahead.

    The Canadian government has been working with partners on innovative finance and blended finance, largely by testing through pilots, she said. But in 2015 and 2016, Canada underwent an international assistance review and that broad consultation led to the feminist international assistance policy, which embeds the need to use new financing mechanisms.

    “It's both a what and how and in the back end of the policy, it really talks about the importance of us pursuing new partnerships, new approaches — including in relation to innovative financing for development,” said Elissa Golberg, assistant deputy minister for strategic policy at Global Affairs Canada.

    “We've always interpreted that to include a spectrum of things: certainly domestic resource mobilization is part of that, we don't discount the role of ODA … it's going to depend on the country context and which piece we're going to use,” she said.

    Canada's new foreign aid policy puts focus on women, rights

    With no increase in the overall aid budget, turning commitments into action may be easier said than done, warn Canadian NGOs.

    Domestic resource mobilization is about more than taxation though, she said, it’s about building local capacity. As an example, Canadian pension funds are working with developing country pension fund counterparts, she told Devex in Paris on the sidelines of an Organisation for Economic Co-operation and Development event about private finance for sustainable development.

    In Canada’s 2018 budget, up to $1.5 billion was allocated for innovative financing development, some of that for sovereign loans, but the rest is for an international assistance innovation program that Global Affairs is working to get up and running now. Golberg said she couldn’t say much about the details of the new program yet, but that they were working to figure out how to use new authorities from the recent Budget Implementation Act — unconditional repayable contributions, guarantees, equity investments — and find ways to maximize the agency’s resources.

    “There's no point in us doing the same thing that the DFI [development finance institution] does. So we want to make sure that we're finding our right space and designing the initiatives in a way that's going to add value,” she said.

    With a Financing for Development Forum coming up in April, and a High-level Dialogue on Financing for Development at the U.N. General Assembly in September, along with G-7 and G-20 meetings, there will be many forums for discussing development finance in the year ahead.

    “The key for 2019 is for us to sustain the momentum, for people not to be discouraged because they think somehow that we should be much further along than we are,” Golberg said, adding that it is important to acknowledge how much progress there has been since 2015.

    There are more sectors involved and conversations happening now, for example with pension funds, that would not have happened several years ago, she said.

    “So how do we maintain the momentum and how do we identify the concrete opportunities? How do we translate what is coming for a number of us in terms of new authorities so that it's going into the right kinds of initiatives? How do we learn from that? These are all things that we want to make sure that we do and take advantage of the meetings that will happen along the way to maintain the international profile on the importance of this issue as well,” Golberg said.

    3 key development finance trends to watch

    New questions and challenges about development finance were discussed at the OECD meetings this year.

    This work will not be without its challenges, including fragmentation. With so many new initiatives and efforts, some consolidation is needed to ensure that there isn’t too much fragmentation. There also need to be more efforts to ensure that data and impact measurement efforts continue to progress so there are effective, comparable ways of evaluating programs and investments. Trying to figure out how to measure programs or investments and be public about results and decisions without giving up proprietary information is not easy to figure out, but transparency is critical, she said.

    While Canada is exploring new tools, Golberg said that there is not yet “enough of a track record yet for us to be able to say with certainty that investing resources through these mechanisms will lead to a better development impact than if we would have used traditional grant and contribution arrangements.”

    “Ultimately does this lead to a better development outcome for the poorest and most vulnerable than if we would have done it through traditional development cooperation. I mean that's very simple but that should be kind of what helps us to define the end game and then we'll determine which tool makes the most sense.” Golberg said.

    • Banking & Finance
    • Private Sector
    • Innovation & ICT
    • Democracy, Human Rights & Governance
    • Canada
    Printing articles to share with others is a breach of our terms and conditions and copyright policy. Please use the sharing options on the left side of the article. Devex Pro members may share up to 10 articles per month using the Pro share tool ( ).

    About the author

    • Adva Saldinger

      Adva Saldinger@AdvaSal

      Adva Saldinger is a Senior Reporter at Devex where she covers development finance, as well as U.S. foreign aid policy. Adva explores the role the private sector and private capital play in development and authors the weekly Devex Invested newsletter bringing the latest news on the role of business and finance in addressing global challenges. A journalist with more than 10 years of experience, she has worked at several newspapers in the U.S. and lived in both Ghana and South Africa.

    Search for articles

    Related Jobs

    • Office Administrator
      Mae Sot, Thailand | Thailand | East Asia and Pacific
    • Individual Consultant: Legal Specialist in Right-of-Way Acquisition
      El Salvador | Latin America and Caribbean
    • Individual Consultant: Governance and Institutional Development Expert
      Bhutan | South Asia
    • See more

    Most Read

    • 1
      Opinion: Mobile credit, savings, and insurance can drive financial health
    • 2
      FCDO's top development contractors in 2024/25
    • 3
      Strengthening health systems by measuring what really matters
    • 4
      Opinion: India’s bold leadership in turning the tide for TB
    • 5
      Reigniting momentum for maternal, newborn, and child health

    Trending

    Financing for Development Conference

    The Trump Effect

    Newsletters

    Related Stories

    Devex InvestedDevex Invested: Amid aid cuts, a new development finance system starts taking shape

    Devex Invested: Amid aid cuts, a new development finance system starts taking shape

    Development AssistanceOpinion: From cuts to common cause, how do we rethink global development?

    Opinion: From cuts to common cause, how do we rethink global development?

    Devex Pro LiveAs US aid falters, development finance trends to watch in 2025

    As US aid falters, development finance trends to watch in 2025

    Sponsored by UN WomenOpinion: Feminist foreign policy in the digital age

    Opinion: Feminist foreign policy in the digital age

    • News
    • Jobs
    • Funding
    • Talent
    • Events

    Devex is the media platform for the global development community.

    A social enterprise, we connect and inform over 1.3 million development, health, humanitarian, and sustainability professionals through news, business intelligence, and funding & career opportunities so you can do more good for more people. We invite you to join us.

    • About us
    • Membership
    • Newsletters
    • Advertising partnerships
    • Devex Talent Solutions
    • Post a job
    • Careers at Devex
    • Contact us
    © Copyright 2000 - 2025 Devex|User Agreement|Privacy Statement