Canada is announcing the following investments to strengthen its engagement in the Indo-Pacific region and in support of key areas of focus at the G20 Summit in Bali, Indonesia.
Supporting sustainable infrastructure
Infrastructure Support (Indo-Pacific Strategy)
Funding: $750 million in paid-in capital for FinDev Canada
Canada will bring its development finance institution, FinDev Canada, to the Indo-Pacific region, to help support sustainable infrastructure needs. This will contribute to the availability of and access to essential services that improve lives, connect people, spur economic growth, and contribute to cleaner future. Canada’s approach will offer a transparent and inclusive development model that focuses on quality infrastructure and financial sustainability. Canada’s contribution will help reduce poverty, build climate resilience, advance gender equality, and promote the economic development of economies and communities to benefit everyone.
Protecting the environment and fighting climate change
Nature-based Solutions for Climate-smart Livelihoods in Mangrove Landscapes in Indonesia
Funding: $20 million
Mangroves are one of the most productive and biologically complex ecosystems on earth and play a key role in supporting livelihoods in vulnerable coastal communities in Indonesia. This initiative will support the restoration of 33,000 hectares of degraded mangrove ecosystems and protect 5,000 hectares of intact mangroves in two of the country’s provinces– North and East Kalimantan – with a focus on storing carbon to help fight climate change. It will also promote the design and implementation of reforms to better incentivize the restoration and protection of mangrove ecosystems.
Flood Impacts, Carbon Pricing and Ecosystem Sustainability – FINCAPES
Funding: $15 million
In line with the environment and climate action priorities outlined in Canada’s Feminist International Assistance Policy, this project will support Indonesia’s efforts to scale-up its climate change adaptation and mitigation efforts in key areas, in response to rising sea levels, environmental degradation, and biodiversity loss. It will support research to better inform and drive action toward strengthening flood adaptation and mitigation efforts, help protect and restore 300 hectares of mangroves and 500 hectares of peatlands, and support the strengthening of climate change policy frameworks through academic partnership, including the creation of a center of excellence for research and development on climate change policy.
Oceans for Prosperity funding
Funding: $10 million
This funding will support the Oceans for Prosperity initiative, which aims to improve the sustainable management of coral reef ecosystems and strengthen the resilience of local communities in Indonesia. Specifically, Canada’s contribution will help strengthen ecosystem-based and participative management of marine protected areas and coral reef fisheries, including by improving climate adaptation and mitigation measures. It will also facilitate the growth of micro-, small, and medium-sized enterprises in marine protected areas by improving access to markets, information, and financial services, addressing gender disparities in natural resource management decision-making, and creating economic opportunities for local communities.
Enabling Blue Carbon in Indonesia
Funding: $3 million
Coastal and marine ecosystems, including mangroves, tidal marshes, and sea grasses, store more carbon – “blue carbon” – than forests on land. This project will help Indonesia restore its blue carbon ecosystems to better adapt and mitigate the impacts of climate change and achieve its sustainable development goals. To this effect, this investment will support the full integration of blue carbon ecosystems into Indonesia’s national development and climate change strategies through technical assistance, training and capacity building, and knowledge sharing.
Protecting people’s health
Financial Intermediary Fund for Pandemic Prevention, Preparedness, and Response (Pandemic Fund)
Funding: $50 million
Canada is committing $50 million to the new Pandemic Fund – a key G20 initiative hosted by the World Bank – to address critical gaps in pandemic prevention, preparedness, and response at national, regional, and global levels. This will include funding for areas such as disease surveillance, laboratory systems, the health workforce, emergency communications and management, and community engagement.
CanGIVE – mRNA Hub – Medicines Patent Pool (MPP) – COVID-19 mRNA Technology Transfer and Manufacturing Hub Program
Funding: $15 million
Canada is allocating an additional $15 million in funding to the COVID-19 mRNA Technology Transfer and Manufacturing Hub program. This builds on $15 million in Canadian funding announced at the G20 Summit in 2021, as part of Canada’s commitment to addressing underlying barriers to equitable access of vaccines. Canada’s additional support will help advance the work of the hub for COVID-19 mRNA vaccines in South Africa, facilitate technology transfer, develop second-generation mRNA technology and an mRNA vaccine pipeline for COVID-19 and other diseases, and enhance the capacity of a network of manufacturing facilities in Senegal, Nigeria, Kenya, and Bangladesh.
CanGIVE – mRNA hub – Pan American Health Organization (PAHO) – COVID-19 mRNA Vaccine Manufacturing Platform
Funding: $15 million
Canada is allocating $15 million to strengthen vaccine production capacities in Latin America and the Caribbean to increase the manufacturing of quality-assured, safe, and effective COVID-19 mRNA vaccines. This initiative will also strengthen national regulatory systems and policies while increasing multi-country coordination across public and private sector partners.
Expanding trade
Memorandum of understanding (MOU) on Food Security and Agricultural Products and Services
In Bali, the Canadian Commercial Corporation and Indonesia’s Ministry of State Owned Enterprises signed a MOU outlining their commitment to work together to respond to food security challenges in Indonesia, including by promoting the export of Canadian potash, wheat, grains, soybeans, and other agricultural products.
MOU on Green Airport initiative
The Canadian Commercial Corporation and the Government of the Province of North Kalimantan signed a MOU outlining their commitment to work together to support the development of a new airport for freight and passenger traffic in Bulungan Regency, North Kalimantan Province. The Canadian Commercial Corporation will identify and work with private-sector Canadian exporters best positioned to deliver this project from a technical, managerial, and financial perspective.
Advancing peace and security
MoU on Counter Terrorism
The Government of Canada and the Government of Indonesia signed a MOU to support deeper cooperation on counter-terrorism through the establishment of a joint working group that will explore opportunities for training, information sharing, and joint approaches to incorporate gender equality and human rights into counter-terrorism policy.
Empowering women and girls
Build Back Equal, UN Women
Funding: $10 million
This initiative provides opportunities in the Eastern Caribbean to “build back equal” from the COVID-19 pandemic in a way that advances gender equality and the empowerment of women and girls. Build Back Equal will help increase women’s ability to participate in every sphere – in the economy, in education, and in public life – by addressing the unequal distribution of unpaid and domestic care work in communities and households, advancing sexual and reproductive health and rights through training, and ensuring care services are integrated in gender-responsive social protection systems.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
