Canada’s first development finance institution, FinDev Canada, has appointed a managing director.
Paul Lamontagne, founding CEO and long-time chair of Enablis Financial Corporation, an impact fund that supports small and medium-sized enterprises in Africa, will be taking the helm of the new institution, which was established in 2017 with an initial capital of 300 million Canadian dollars to provide financial services to the private sector in developing countries. It will operate under Export Development Canada, the country’s export credit agency.
Lamontagne’s appointment is a significant milestone for the institution, which is still in the early stages of development. Among his priorities is expanding the team, refining the institution’s operational strategy, and engaging with key stakeholders in and outside Canada, according to a news release.