Financial institution FinDev Canada CEO set to step down after completing its start-up phase

GLOBAL Development Finance Institute Canada (FinDev Canada), a financial institution that supports inclusive private sector growth and sustainability in developing markets has announced that its CEO, Paul Lamontagne, is stepping down.

“I’m leaving FinDevCanada after successfully completing its start-up phase. DFI is now globally recognized as a gender-lens investor. As its first CEO, I wish to thank our Team, Board & Advisory Council for their support. It’s been a real honour to lead FinDev Canada,” Paul said in a tweet.

Paul Lamontagne has played a pivotal role in launching and building FinDev Canada from inception, attracting a first-rate team and successfully advancing Canada’s global development agenda for women’s economic empowerment, climate change mitigation, and job creation.

Paul was, for example, instrumental in launching the 2X Challenge: Financing for Women at the G7 meeting in 2018, which committed and mobilized a total of US$4.5 billion in gender-smart investments to date.

Thanks to Paul’s vision and leadership, FinDev Canada has quickly taken its place internationally among development finance institutions (DFIs), in particular as a gender-lens investor, and become a respected partner of numerous stakeholders.

“Paul led FinDev Canada through its start-up phase, building capacity, partnerships, and credibility, and he has completed the job he signed up for. As FinDev Canada moves into the next phase of its development, different leadership will build on the solid foundation that Paul and his team have put in place at Canada’s DFI,” FinDev said in a statement.

“We are grateful to Paul for his significant contributions over the past three years and wish him well in all his future endeavours.”

FinDev Canada was established in 2018 as a wholly owned subsidiary of export credit agency EDC (Export Development Canada), with the goal of supporting job creation, sustainable development and the economic empowerment of women.

FinDev Canada supports the private sector in Latin America and the Caribbean, as well as sub-Saharan Africa, with direct loans, guarantees, structured financing and equity placements. As of December 2019, the organization reported total assets of CAD 187 million (US$137 million).

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