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Development Finance Roundtable Pre-Read DEVELOPMENT FINANCE IN CANADA ROUNDTABLE JUNE 2017 The Role of Blended Finance in Supporting Canada's New International Assistance Policy Global Affairs Canada has announced a new feminist international assistance policy to reduce poverty and build a more inclusive, peaceful, and prosperous world. By prioritizing gender equality and the empowerment of women and girls, Canada’s Feminist International Assistance Policy represents a significant evolution in approach. This new approach should enable Canada to maximize the effectiveness of its international assistance, provide more integrated and responsive assistance, invest in innovation and research, deliver better reporting on results, develop more effective partnerships, and concentrate on those regions of the world where we can make the greatest difference in reducing poverty and inequality, particularly for women and girls. Canada will expand its range of tools to enable joint program assistance with other donors, multi- stakeholder partnerships and innovative financing mechanisms, including blended finance. Blended finance is recognized as an important tool within the development toolbox to mobilize new capital sources to achieve the SDGs. www.convergence.finance CANADA’S NEW INTERNATIONAL ASSISTANCE POLICY 1 GENDER EQUALITY 4 CLIMATE ACTION • Addressing sexual & gender-based violence • Supporting women’s leadership & decision- • Supporting local organizations & movements making that advance women’s rights • Ensuring that the government’s climate- • Improving public-sector institutional capacity related planning, policy-making & financing address the challenges faced by women & • Helping to build a strong base of evidence to girls support gender equality actions • Supporting employment & business opportunities for women in the renewable energy sector 2 HUMAN DIGNITY 5 INCLUSIVE GOVERNANCE • Strengthening sexual- & gender-based • Helping advance women’s leadership in violence prevention & response strategies governance & public sector management • Advocating for humanitarian principles & • Strengthening protections against international humanitarian law discrimination against women & girls • Supporting the full range of women & girls’ • Improving access to justice for women & girls; sexual & reproductive health • Supporting the protection of women’s human • Strengthening the capacity of local women’s rights defenders groups to assist in humanitarian emergencies • Supporting governments to ensure public services respond to the needs of women & girls 3 INCLUSIVE GROWTH 6 PEACE & SECURITY • Increasing economic leadership & • Supporting the meaningful participation of empowerment of women at all levels women in peace negotiations & conflict- • Helping improve economic opportunities for prevention efforts & resilience of rural women • Advancing women’s rights in post-conflict • Promoting women’s economic rights & state building access to decent work • Helping prevent & respond to sexual violence • Promoting financial inclusion for women & in conflict zones & enforce its zero-tolerance equal access to business development policy for abuse perpetuated by peacekeepers services ALIGNMENT BETWEEN CANADA’S NEW POLICY & BLENDED FINANCE WHAT IS BLENDED FINANCE? The United Nations estimates that the annual funding needed to achieve the SDGs is $3.9 trillion. To help close the annual SDG funding gap, the international development community has been looking to tap new sources of capital – particularly from private investors. Blended finance is recognized as an important tool within the development toolbox to mobilize new capital sources to achieve the SDGs. Although there are multiple ways to define blended finance, the authors see three signature markings: 1. Financial Returns: Whether a project, company, fund, or structured offering, the transaction is 1. intendedf to yield a return. 2. Development Impact: The transaction is in a developing country and contributes to the SDGs, but not all investors need to be socially motivated. 3. Leverage: The development parties are catalytic and additional; the private investment would not have been mobilised without the blended finance intervention. WHERE CAN BLENDED FINANCE CONTRIBUTE? Blended finance can crowd-in additional investment into key areas of Canada’s Human Dignity action area, especially health, nutrition, and education. Healthcare and education account for 20% of blended finance deals captured in Convergence’s historical deals database. Blended finance can crowd-in additional investment into key areas of Canada’s Growth That Works For Everyone action area, especially climate-smart agriculture, SME financing, and financial inclusion. Agriculture and financial services—including microfinance and SME financing—account for 50% of blended finance deals captured in Convergence’s historical deals database. Blended finance can crowd-in additional investment into key areas of Canada’s Environment and Climate Action action area. Energy and climate finance accounts for 20% of blended finance deals. HUMAN DIGNITY + BLENDED FINANCE CANADA’S APPROACH BLENDED FINANCE OUTLOOK Canada will work to ensure that the poorest and SECTOR FOCUS most vulnerable have access to good health care and nutrition, quality education and timely humanitarian 13% assistance. 7% Healthcare Health and Nutrition: Canada’s investments will help improve the quality of health and nutrition services Education for the poorest and most vulnerable. To support maternal, newborn and child health, Canada will Other follow through on its 2015 to 2020 commitment to invest $3.5 billion over five years. Education: Canada’s investments will support programs and advocacy efforts that help women and GEOGRAPHIC FOCUS girls get the skills training and education that they 100% need to success. Global Europe and Central Asia ROLE OF BLENDED FINANCE East Asia and Pacific 50% Middle East and North Africa Blended finance can crowd-in additional investment South Asia into key areas of Canada’s human dignity action area, Latin America and Caribbean especially health, nutrition, and education. Sub-Saharan Africa 0% Healthcare and education account for 20% of blended finance deals captured in Convergence’s *Based on data from education and healthcare deals historical deals database. BLENDING ARCHETYPE Healthcare, in particular, is well-positioned to leverage blended finance. There are a number of 100% best practice blended finance healthcare deals that Concessional Capital have mobilized significant private capital for hospital and healthcare infrastructure, research and Guarantee/Risk Insurance development of essential medicines, and other 50% initiatives. Design or Preparation Funding Education-focused blended finance deals increase Technical Assistance Facility investment in education finance offerings, including 0% student savings accounts and education loans. *Based on data from education and healthcare deals JPMORGAN CHASE & CO. / BILL & MELINDA GATES FOUNDATION (BMGF) STATUS: INVESTING GLOBAL HEALTH INVESTMENT FUND (GHIF) GHIF is a social impact investment fund designed to provide financing to accelerate the development of drugs, vaccines and diagnostics for diseases that disproportionately affect developing countries. The fund provides mezzanine debt to late-stage global health technologies. Investments will be repaid via a combination of milestones and royalties on the new products created. TRANSACTION REGION YEAR TOTAL TYPE FOCUS ESTABLISHED TRANSACTION SIZE Fund Global 2012 USD 108M BLENDED STRUCTURE INVESTORS AND PARTNERS CONTRIBUTION TO HUMAN DIGNITY • To de-risk this first-of-its-kind • Anchor investors: Grand Challenges Canada, PORTFOLIO HIGHLIGHTS: global health product KfW, Children’s Investment Fund Foundation • BD: USD 10M project financing to promote development fund, BMGF and • Select additional investors: GSK, Merck, The early, affordable, point-of-care preeclampsia Sida provide downside Pfizer Foundation, IFC, JPMorgan Chase & Co., (PE) and gestational diabetes mellitus (GDM) protection to GHIF investors, AXA, Storebrand, Greater Houston Community testing to reduce maternal and infant comprised of: Foundation mortality and morbidity o First-loss protection up to • Others: Advisory services from Innovations for • Atomo Diagnostics: USD 8M investment to $22 million Global Health; Charitability Oversight promote improved professional testing and o Further risk-sharing covering Committee membership and support from self-testing for HIV, Ebola, HCV, and malaria 50% of any downside beyond PATH; ESG diligence assistance from IFC the first-loss threshold PALLADIUM STATUS: LATE-STAGE DESIGN RAJASTHAN MATERNAL AND CHILD HEALTH IMPACT BOND Palladium has designed an innovative five-year result-based financing mechanism that will use a blend of private and philanthropic capital to fund a number of interventions aimed at improving reproductive, maternal and child health in the state of Rajasthan, the outcomes of which will be bought by a coalition of CSR, donor and Government agencies. TRANSACTION REGION TOTAL YEAR ESTABLISHED TYPE FOCUS TRANSACTION SIZE Impact Bond South Asia 2016 USD 36M BLENDED STRUCTURE INVESTORS AND PARTNERS TARGETED CONTRIBUTION TO HUMAN DIGNITY • This is an impact bond • Reed Smith pro bono legal counsel • Based on modelled projections of private sector mechanism with an initial • MNC pharma company and international contributions, activities funded through this impact bond three-year first phase donor as co-outcome funders could save the lives of 450 mothers and
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