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On May 7, 2014, Canada’s reputation as a strong fiscal manager and its focus on jobs, growth and prosperity were recognized with the appointment of the Honourable Christian Paradis, Minister of International Development and La Francophonie, as Chair of the Redesigning Development Finance Initiative (RDFI) Steering Committee, a joint project of the World Economic Forum and the Organisation for Economic Co-operation Development’s Development Assistance Committee.
The RDFI aims to achieve development impact by expanding private investment in developing countries, through risk mitigation and other concessional finance tools. The initiative will be delivered via four work streams:
- Understand the existing landscape of blended financing models.
- Build consensus on the value and opportunities offered by various actors.
- Determine which blended financing models have the highest potential to unlock additional capital for developing countries.
- Define capabilities and partnerships needed to mobilize and scale these high-value models.
The RDFI is being guided by a high-level steering group chaired by Minister Paradis. Other members include:
- Julie Sunderland, Director, Program-Related Investments, Bill & Melinda Gates Foundation. Ms. Sunderland is the Vice-Chair of the RDFI Steering Committee;
- Charlotte Petri Gornitzka, Director-General, Swedish International Development Cooperation Agency;
- Gavin Wilson, Chief Executive Officer, IFC Asset Management Company;
- Thomas Speechley, Chief Executive Officer, Abraaj North America; and
- Dale Mathias, Chairman, Partners Forum for Private Capital Group for Africa, USAID – United States Agency for International Development.
The RDFI Steering Committee aims to promote a more systematic approach to testing and scaling up blended financing innovations from philanthropists, private and commercial investors, and development institutions in order to accelerate progress toward development objectives.