International Development Grant
A New Partnership for Sustainable Impact Investing in Frontier Markets
Project Number: CA-3-D000120001
Status: Operational
Country/Region: Unknown
Regional Focus:
Maximum Contribution: $18,944,025.00
Start Date: June 21, 2013
End Date: June 21, 2028
Duration: 15.0 years
Project Description
This project aims to reduce poverty by supporting the development of small and medium enterprises which play a vital role in creating jobs and generating wealth in developing country markets. The project supports the launch of a 15-year investment fund that leverages private equity investment of up to $400 million to help up to 250 of the most promising small and medium enterprises in developing countries grow thereby creating at least 15 000 new jobs. Through investments and technical assistance the project also aims to increase access to products and services for up to 10 000 000 individuals improve socially responsible business practices and generate additional revenues for small and medium enterprises and governments. This project is a collaboration among the Mennonite Economic Development Associates Sarona Asset Management and the MaRS Centre for Impact Investing. The project is part of Canada's commitment to promoting sustainable economic growth globally.
Expected Results
The expected intermediate outcomes for this project include: over the life of the fund (i) expanded and improved investment services provided by 12 to 18 investment funds to up to 250 small and medium enterprises; and (ii) strengthened capacity for economic growth job creation reporting and social impact among 15 to 20 investment firms and up to 250 small- and medium- sized enterprises.
Progress & Results Achieved
Results achieved as of March 2024 include: (1) raised USD 150 million $ (CAN 193 million $) from the private sector and made available for investment in small and medium-sized enterprises (SMEs) in Africa Asia and South America; (2) created 84 248 jobs (44% for women) through funding to 139 SMEs; (3) generated $2.9 billion in tax revenues to local governments through investee SMEs’ contributions; (4) supported 18 investment funds to integrate gender equality environment and governance considerations into their business operations; and (5) supported 19 experienced North American mentors (50% Canadians) in mentoring 15 investment managers and 61 investment professionals (33% women) to improve their business competence.
Key Information
Executing Agency:
Mennonite Economic DevelopmentAssociates of Canada
Reporting Organization:
Global Affairs Canada
Program:
YFMInternaAssistPartnershp&Programing Br
Last Modified:
September 19, 2025
Development Classifications
DAC Sector:
Aid Type: Project-type interventions
Collaboration: Bilateral
Finance Type: Aid grant excluding debt reorganisation
Selection Mechanism:
Unsolicited Proposal