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Memorandum on the Partnership for Global Infrastructure and Investment – The White House




SUBJECT:    Partnership for Global Infrastructure and Investment 

By the authority vested in me as President by the Constitution and the laws of the United States of America, and to establish my Administration’s policy and approach to executing the Partnership for Global Infrastructure and Investment (PGII), it is hereby ordered as follows:

Section 1.  Policy.  Infrastructure is critical to driving a society’s productivity and prosperity.  When done well, infrastructure connects workers to good jobs; allows businesses to grow and thrive; facilitates the delivery of vital services; creates opportunities for all segments of society, including underserved communities; moves goods to markets; enables rapid information-sharing and communication; protects societies from the effects of climate change and public health crises or other emergencies; and supports global connection among nations.  Infrastructure comes in many forms and sizes, from the large-scale energy systems that power inclusive economies, to the local healthcare networks that contribute to global health security, to the range of innovative infrastructure developed through investments from financial institutions and small- and medium-sized enterprises.  My Administration is making an urgent, once-in-a-generation investment in domestic infrastructure that will create jobs, help address the climate crisis, and help the Nation recover from the coronavirus disease 2019 (COVID-19) pandemic –– and the same focus is needed around the globe. 

Internationally, infrastructure has long been underfunded, with over $40 trillion in estimated need in the developing world –– a need that will only increase with the climate crisis and population growth.  Many low- and middle-income countries lack adequate access to high-quality financing that meets their long-term infrastructure investment needs.  Too often, financing options lack transparency, fuel corruption and poor governance, and create unsustainable debt burdens, often leading to projects that exploit, rather than empower, workers; exacerbate challenges faced by vulnerable populations, such as forced displacement; degrade natural resources and the environment; threaten economic stability; undermine gender equality and human rights; and put insufficient focus on cybersecurity best practices — a failure that can contribute to vulnerable information and communications technology networks.

The underinvestment in infrastructure is not just financial, but also technical.  Delivering high-quality infrastructure in low- and middle-income countries must include helping to establish and improve the necessary institutional and policy frameworks, regulatory environment, and human capacity to ensure the sustainable delivery of services to communities; defining strong engineering, environmental, social, governance, and labor standards; and structuring projects to attract private investment.  Through the PGII, the United States and like-minded partners will emphasize high-standards and quality investments in resilient infrastructure that will drive job creation, safeguard against corruption, guarantee respect for workers’ organizations and collective bargaining as allowed by national law or similar mechanisms, support inclusive economic recovery, address risks of environmental degradation, promote robust cybersecurity, promote skills transfer, and protect American economic prosperity and national security.  The PGII will also advance values-driven infrastructure development that is carried out in a transparent and sustainable manner — financially, environmentally, and socially — to lead to better outcomes for recipient countries and communities.

There is bipartisan support for international infrastructure development.  The Congress passed the Better Utilization of Investments Leading to Development Act of 2018 (BUILD Act) (Division F of Public Law 115-254, 132 Stat. 3485) with bipartisan support to mobilize private-sector dollars to support economic development in low- and middle income countries, which can include support for projects to build infrastructure, creating first-time access to electricity, starting businesses, and creating jobs.  The BUILD Act institutionalized the United States’ commitment to private sector–funded development by establishing the United States International Development Finance Corporation (DFC), authorized a higher exposure cap for the DFC than the exposure cap for the former Overseas Private Investment Corporation, and provided new tools to engage entrepreneurs and investors to help low- and middle-income countries access private resources to generate economic growth.  These investments help ensure that our partners are stronger, create opportunities for people around the world, and reduce the need for future United States foreign aid.

In a similar spirit, in 2018 the Congress passed the AGOA and MCA Modernization Act (Public Law 115-167, 132 Stat. 1276), authorizing the Millennium Challenge Corporation (MCC) to make concurrent regional compacts under specified conditions, which can include investments in regional infrastructure.  This new authority builds on the MCC’s record of delivering complex infrastructure projects that result in the delivery of vital services for communities and sustainable, inclusive economic growth.  In addition, recognizing the need for access to high-quality, fair, and transparent financing for United States exporters and foreign buyers, the Congress also reauthorized the Export-Import Bank of the United States (EXIM) for 7 years in 2019.  The EXIM’s reauthorization legislation also took steps to advance American leadership in transformational exports, which can include support for goods and services necessary for open, secure, reliable, and interoperable information and communications technology.

The United States and its partners have a long history of providing high-quality financing and technical support for infrastructure projects throughout the world.  However, the lack of a comprehensive approach for coordinating infrastructure investments with like-minded partners often leads to inefficiencies and missed opportunities for coordinated investments to deliver at scale.  Greater flexibility, speed, and resources, combined with expanded internal coordination within the United States Government, will provide opportunities for the United States Government and United States companies to better meet the infrastructure needs of low- and middle-income countries around the world.  At the same time, greater coordination with G7 and other like-minded partners will increase efficiency and catalyze new financing to advance a shared vision of values driven, high-quality, and sustainable infrastructure around the world.

Four key priorities relating to infrastructure will be especially critical for robust development in the coming decades:  climate and energy security, digital connectivity, health and health security, and gender equality and equity.  Economic prosperity and competitiveness will largely be driven by how well countries harness their digital and technology sectors and transition to clean energy to provide environmentally sustainable and broadly shared, inclusive growth for their people.  Countries not only will need new and retrofitted infrastructure, secure clean energy supply chains, and secure access to critical minerals and metals to facilitate energy access and transitions to clean energy, but also will need significant investments in infrastructure to make communities more resilient to diverse threats, from pandemics to malicious cyber actors, to the increasing effects of climate change.  Further, the COVID-19 pandemic has highlighted the unequal infrastructure needs in the developing world and has disproportionately affected low- and middle-income countries and regions, particularly with respect to the health sector.  In the developing world, the pandemic has also set back the economic participation of women and members of underserved communities and has reversed decades of progress toward ending poverty, with global extreme poverty rising for the first time in more than 20 years due to COVID 19.  The pandemic has highlighted the need for expanded investments in and high-quality financing for strengthened health systems to both fight the current pandemic and prepare for future health crises.

It is therefore the policy of the United States to catalyze international infrastructure financing and development through the PGII, which is designed to offer low- and middle-income countries a comprehensive, transparent, values-driven financing choice for infrastructure development to advance climate and energy security, digital connectivity, health and health security, and gender equality and equity priorities.  The PGII will mobilize public and private resources to meet key infrastructure needs, while enhancing American competitiveness in international infrastructure development and creating good jobs at home and abroad.  In this effort, the United States is working in close partnership with G7 and other like-minded partners toward infrastructure financing and infrastructure development that are sustainable, clean, resilient, inclusive, and transparent, and that adhere to high standards.

Sec. 2.  Approach.  In order to meet the enormous infrastructure needs in the developing world, a new approach to international infrastructure development that emphasizes high-standards investment is needed.  To meet this challenge and seize this opportunity, the PGII should:

        (a)  partner with low- and middle-income countries to finance infrastructure across key sectors that advances the four key priorities critical to sustainable, inclusive growth:  climate and energy security, digital connectivity, health and health security, and gender equality and equity;

        (b)  promote the execution of projects in a timely fashion in consultation and partnership with host countries and local stakeholders to meet their priority needs and opportunities, balancing both short- and longer-term priorities;

        (c)  pursue the dual goals of advancing prosperity and surmounting global challenges, including the climate crisis, through the development of clean, climate-resilient infrastructure that drives job creation, accelerates clean energy innovation, and supports inclusive economic recovery; 

        (d)  support the policy and institutional reforms that are key to creating the conditions and capacity for sound projects and lasting results and to attracting private financing;

        (e)  boost the competitiveness of the United States by supporting businesses, including small- and medium-sized enterprises in overseas infrastructure and technology development, thereby creating jobs and economic growth here at home;

        (f)  advance transparency, accountability, and performance metrics to allow assessment of whether investments and projects deliver results and are responsive to country needs, are financially sound, and meet a high standard;

        (g)  mobilize private capital from both the United States private sector and the private sector in partner countries; 

        (h)  build upon relationships with international financial institutions, including the multilateral development banks (MDBs), to mobilize capital;

        (i)  focus on projects that can attract complementary private-sector financing and catalyze additional market activity to multiply the positive impact on economies and communities; 
        (j)  coordinate sources of bilateral and multilateral development finance to maximize the ability to meet infrastructure needs and facilitate the implementation of high standards for infrastructure investment;

        (k)  uphold high standards for infrastructure investments and procurement, which safeguard against bribery and other forms of corruption, better address climate risks and risks of environmental degradation, promote skills transfer, generate good jobs, mitigate risks to vulnerable populations, and promote long-term economic and social benefits for economies and communities; and

        (l)  align G7 and other like-minded partners to coordinate our respective approaches, investment criteria, expertise, and resources on infrastructure to advance a common vision and better meet the needs of low- and middle-income countries and regions.

Sec. 3.  Execution.  (a)  A whole-of-government approach is necessary to meet the challenge of international infrastructure development, with executive departments and agencies (agencies) working together with like minded partners.  The Special Presidential Coordinator for the Partnership for Global Infrastructure and Investment shall be responsible for overseeing the whole-of-government execution of these efforts and serving as the central node for United States coordination among the G7, as well as with other like-minded partners, the private sector, and other external actors.  While specific lines of effort and initiatives may each have agency leads, such as on sourcing critical minerals or identifying trusted 5G and 6G vendors, whole-of-government policies should be addressed through the Coordinator.

        (b)  Agencies shall, consistent with applicable law and available appropriations, prioritize support for the PGII and make strategic investments across the PGII’s key priorities of climate and energy security, digital connectivity, health and health security, and gender equality and equity.

        (c)  The PGII shall be executed through the following key implementation efforts:

                (i)     The Assistant to the President for National Security Affairs (APNSA), through the interagency process identified in National Security Memorandum 2 of February 4, 2021 (Renewing the National Security Council System) (NSM-2), shall submit a report to the President within 180 days of the date of this memorandum.  The report shall include recommendations on United States Government actions to boost the competitiveness of the United States in international infrastructure development, and to improve coordination on international infrastructure development across relevant agencies.

                (ii)    The Secretary of State, the Secretary of the Treasury, the Secretary of the Interior, the Secretary of Commerce, the Secretary of Labor, the Secretary of Health and Human Services, the Secretary of Transportation, the Secretary of Energy, the Administrator of the United States Agency for International Development (USAID), and the heads of other relevant agencies shall prioritize programming consistent with the policy and approach described in sections 1 and 2 of this memorandum to support timely delivery of international infrastructure development, particularly across the PGII’s four key priorities, as appropriate and consistent with their respective authorities.  The Chief Executive Officer (CEO) of MCC, the CEO of DFC, the President of EXIM, the Director of the Trade and Development Agency (TDA), and the heads of other relevant independent agencies are encouraged to follow this same line of effort, as appropriate and consistent with their respective authorities.

                (iii)   The Secretary of State shall direct Chiefs of Mission to use all appropriate tools and to develop coordination mechanisms –– including through Embassy Deal Teams –– to address host country strategic infrastructure needs within the PGII’s four key priority areas.

                (iv)    The Secretary of State and the Secretary of Commerce, in consultation with the Secretary of Health and Human Services, the Secretary of Energy, the Administrator of USAID, the CEO of MCC, the CEO of DFC, the President of EXIM, and the Special Presidential Coordinator, shall develop a strategy for using Embassy Deal Teams to identify potential priority infrastructure projects for the PGII and refer promising opportunities to relevant agencies for consideration, based on each agency’s strengths and authorities.

                (v)     The Secretary of State, through the Special Presidential Coordinator and in consultation with the heads of other relevant agencies, shall coordinate diplomatic engagements to expand the PGII beyond the G7 to bring greater resources and opportunities for partnership.

                (vi)    The Secretary of State, through the Special Presidential Coordinator and in consultation with the Secretary of the Treasury, the Secretary of Commerce, the Secretary of Labor, the Secretary of Health and Human Services, the Secretary of Transportation, the Administrator of the Environmental Protection Agency, the Administrator of USAID, the CEO of MCC, and the CEO of DFC, shall lead interagency efforts regarding international coordination on infrastructure development standards and metrics, including on labor and environment, and certification mechanisms, including through the Blue Dot Network.

                (vii)   The Secretary of Commerce, in consultation with the Administrator of the Small Business Administration, the President of EXIM, the Director of TDA, and the Special Presidential Coordinator, shall develop and implement a strategy to boost the competitiveness of the United States and promote the use of United States equipment and services in international infrastructure development.

                (viii)  The Secretary of the Treasury, in consultation with the Secretary of State, the CEO of MCC, the CEO of DFC, and the Special Presidential Coordinator, shall develop and implement a strategy to catalyze private-sector investment and support low- and middle income countries across the PGII’s four key priority areas.

                (ix)    The Secretary of the Treasury, in consultation with the Secretary of State, the Secretary of Commerce, the Secretary of Health and Human Services, the Administrator of USAID, and the Special Presidential Coordinator shall develop a plan for engaging the MDBs to foster high-quality infrastructure investment and increased private-capital mobilization for low- and middle-income countries, and shall coordinate with like-minded partners in the plan’s execution.  The CEO of DFC, in consultation with the Secretary of State, the Secretary of the Treasury, the Administrator of USAID, and the Special Presidential Coordinator, is encouraged to develop a plan to enhance engagement with national and international development finance institutions to increase private-capital mobilization.

                (x)     The Secretary of Transportation, in consultation with the heads of other relevant agencies, shall develop and implement a strategy to promote high-quality, sustainable, and resilient transportation infrastructure in low- and middle-income countries, including through the launch of a comprehensive toolkit for national, subnational, and multilateral partners that emphasizes best practices in planning, finance, project delivery, safety, and maintenance.

                (xi)    The APNSA, through the interagency process identified in NSM-2 and in coordination with the Director of the Office of Management and Budget, shall identify potential legislative and administrative actions that could improve the ability of United States economic development and assistance, development finance, and export credit tools to meet international infrastructure development needs.

                (xii)   The APNSA, through the interagency process identified in NSM-2, shall lead biannual reviews to monitor the progress, metrics, and outcomes of the PGII’s investments and projects; identify strategic opportunities across the PGII’s four key priorities; and ensure that the execution of the PGII aligns with, and supports, broader strategic United States national security and economic objectives and values, including by supporting United States companies in international infrastructure development.

Sec. 4.  Definition.  For purposes of this memorandum, “agency” means any authority of the United States that is an “agency” under 44 U.S.C. 3502(1), other than one considered to be an independent regulatory agency, as defined in 44 U.S.C. 3502(5).  “Agency” also means any component of the Executive Office of the President.

Sec. 5.  General Provisions.  (a)  Nothing in this memorandum shall be construed to impair or otherwise affect:

                (i)   the authority granted by law to an executive department or agency, or the head thereof; or

                (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

        (b)  This memorandum shall be implemented consistent with applicable law and subject to the availability of appropriations.

        (c)  This memorandum is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

        (d)  The Secretary of State is authorized and directed to publish this memorandum in the Federal Register.

                        JOSEPH R. BIDEN JR.

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Short Term vs Long Term Investments: Gauging the saving spectrum – Economic Times



Quick wealth creation is what financial markets consider; however, investing as a practice is a long-term process. While an investor’s capital can be invested in the short-term and long-term, both forms of investment have their merits and demerits.

Typically, short-term investments involve less risk than long-term investments. Long-term investments give the investor’s money a substantial period to grow and recover from major dips in the market.

Having clear and crisp financial goals can help the investor decide whether to choose short or long-term investments and which vehicles within those categories aim towards personalized investment gains.

Before choosing any investment strategy, the investor ideally needs to do proper research on which asset types suits their need.

What is suitable for one investor might not be in sync with another’s financial objectives, so one must consider their overall goals along with the risks one is willing to take.

Short-term investments have a validity period typically up to three years – high liquidity instruments, generally involving lesser market risks.

Also, these temporary investments are mostly used for parking excess funds for a short period. Short-term investments are highly liquid and hence are used by investors to meet expected near-future expenses.

Less risky in nature, these short-term investment products have a short tenure and give predictable returns as compared to long-term investments be it –

Treasury bills which can be redeemed within 91 days and is a high liquidity instrument.

● Gilt Funds which invest only in government securities and owing to zero credit risk, are safe investment funds.

● Ultra-short-term debt funds wherein the maturity period ranges between three to six months and provides comparatively higher returns.

● Low duration debt funds whose maturity period ranges between six and 12 months, these funds invest in debt and money market instruments.

● Money market funds that invest in money market instruments and have a redemption period of up to one year.

● Bank fixed deposits that can be renewed on maturity and their tenure can range from 14 days to 10 years. Also, liquidity can be a concern here as some banks don’t allow premature withdrawals.

● Company fixed deposits can have a tenure of more than one year

● Post office time deposits have tenures ranging from one to five years and similarly Recurring deposits can open an RD for a duration as low as six months. Sweep-in-Fixed Deposits as against low returns on savings accounts, these offer comparatively higher returns, with a minimum tenure of around 12 months.

On the other hand, long-term investments are investments that can offer high returns after several years, typically five years or more – involving more market risks.

Be it via stocks, ETFs, mutual funds, etc. Investments in stocks earn quite high returns if patience is kept high (Of course, this cannot be guaranteed but you should assess your risk-taking capacity before thinking of investing in stocks).

Having a deeper understanding of the market movements so that the investor makes wiser financial decisions and when to sell the stocks, investing in stocks and securities requires a trusted financial partner, who can provide hassle-free features to open an online Demat and Trading Account.

Another long-term investment avenue for receiving higher returns is Equity Mutual Funds where the investor gets to pick from small, mid-cap, and large-cap equity mutual funds for the long term to achieve greater financial goals.

Ultimately, the short-term investment gives levy to the investor to achieve their financial goals within a short span and with lower risk (depending on which asset you pick), if the investor has a greater risk appetite, and wants higher returns, they can select a long-term investment avenue.

To further simplify, if the investor wants to preserve their capital and is happy with moderate returns then they may choose short-term investments but, with the expectation of a higher return, the investor may invest in long-term investment avenues.

(The author is Senior Vice President, at mastertrust)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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Hong Kong Investment Bank’s 2,325% Surge Baffles Local Investors – BNN



(Bloomberg) — Another little-known Hong Kong-based financial services firm is mystifying investors with a dramatic price surge following its US listing. 

Magic Empire Global Ltd., which provides underwriting and advisory services and has helped just one company go public since 2020, surged 2,325% in its debut session Friday in New York to a market capitalization larger than football club Manchester United Plc. Magic Empire is the seventh firm this year from Hong Kong or China to experience similarly surprising moves. 

“This price level has clearly shown it is not sustainable,” said Ken Shih, head of wealth management in Greater China at Saxo Capital Markets HK Ltd., adding that without knowing who is doing the buying, it is hard to be definitive. “At this point, downside risk for investors clearly outweighs upside.”  

Last week, Hong Kong financial services provider AMTD Digital Inc. briefly became bigger than Goldman Sachs Group Inc. after a 14,000% gain in less than a month. The moves are particularly notable at a time of otherwise muted IPO activity and with Chinese companies Alibaba Group Holding Ltd. and Inc. threatened with delisting if they fail to comply with American auditing standards.

Magic Empire reported revenue of $2.2 million in 2021, a 17% drop from a year earlier. The company’s operating entity, Giraffe Capital Ltd., completed just one IPO in 2020 and none last year “due to COVID-19 and volatile outlook of the Hong Kong capital market,” according to the prospectus. Friday’s price surge brought Magic Empire’s market capitalization to $1.9 billion.

“The wild swings are likely due to the concentrated ownership, which certainly raises red flags,” said Kakei Lam, fund investment officer at Metaverse Securities Ltd. “I don’t see a resemblance to the meme-stock mania, given the thin trading volume.”

Magic Empire’s chairman Gilbert Chan Wai-ho and chief executive officer Johnson Chen Sze-hon co-lead Giraffe Capital, which obtained a license to provide corporate finance services in 2017. The firm mostly works on IPOs on GEM, the small-cap exchange, and often engages other small local brokerages as underwriters, including KOALA Securities Ltd., and Yellow River Securities Ltd. Chan and Chen own most of Magic Empire, with a combined stake of about 63%. The firm had just nine employees as of December 2021, according to its prospectus.

Hong Kong’s Scandal-Plagued Small-Cap Exchange Left for Dead

About half of the companies Giraffe Capital has taken public jumped on the first day, some by as much as 125%. Seven are now trading 30% to 92% lower than IPO price and another has been delisted.

Magic Empire didn’t respond to an email request for comment and calls to the phone number listed on its website weren’t answered.

In the first half of this year, fundraising in the Hong Kong IPO market dropped 92%. With the tiny companies that make up their customer base under close regulatory watch, small- and mid-sized financial advisory firms like Giraffe Capital have had a particularly tough time.

In 2017 and 2021, the Securities and Futures Commission and the Hong Kong stock exchange issued two rounds of warnings about so-called ramp-and-dump schemes tied to small-cap IPOs. These schemes manipulate very thin trading volume to inflate prices, luring unwary investors before shares collapse. 

The SFC declined to comment for this article, but has previously identified four typical features of problematic IPOs: 

  • Market capitalization barely meets the minimum threshold
  • Price-to-earnings (P/E) ratio is very high given the firm’s fundamentals and the valuations of its peers
  • Underwriting commissions or other listing expenses are unusually high
  • Shareholding is highly concentrated in a limited number of shareholders

Magic Empire’s relatively modest revenue means it qualifies as an “emerging growth company” under American legislation, according to its prospectus. These firms enjoy reduced reporting requirements compared to larger US-listed public companies, with only two years of audited financial statements required and disclosure obligations regarding executive compensation pared back. 

(Updates with Kakei Lam’s comments.)

©2022 Bloomberg L.P.

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Investment in Alberta's tech sector soars –



Several Calgary-based tech companies are planning to hire more people and expand their office space as hundreds of millions of dollars flow into the sector.

Through the first half of the year, Alberta has attracted nearly $500 million in investment, according to

“We’re growing very, very quickly,” said Nic Beique, the founder of Calgary-based Helcim, which offers online payment services for small businesses across Canada and the United States.

The company recently received $16 million in venture capital funding from investors in Toronto and New York.

“We’ve doubled our business in the past six months alone, so our investors are already quite happy with that progress,” Beique said from the company’s headquarters in Eau Claire. 

Nic Beique is the founder and CEO of Helcim, a Calgary-based fintech company that offers payment solutions for businesses. The company recently received $16 million in venture capital funding. (Bryan Labby/CBC)

Beique says the company has grown by 400 per cent in the past year. It’s gone from 80 employees late last year to 145 today. He plans to hire 100 more people by the end of next year.

“My long-term goal is to build an anchor tenant in the Calgary tech scene. So when people think about Calgary, they think about Helcim … the way Shopify was able to do that with Ottawa, where they really kind of put them on the map for tech. I want to do that in Calgary as well.”

According to, Alberta’s tech sector recorded $268.6 million in venture funding in the second quarter alone — in the same quarter a year ago, only $16 million was raised. 

Hirings, office expansion

Another rising star in the city’s tech scene is Virtual Gurus, which provides companies with virtual assistants to carry out a range of administrative duties for businesses in Canada and the States. 

Two years ago, the company had five employees. It now has 40 and plans to double that number by the end of the year, which will require more office space.

“We’re looking at expanding upstairs in order to facilitate that growth,” said Margaret Glover-Campbell, the company’s chief operating officer.

Margaret Glover-Campbell, chief operating officer of Virtual Gurus, is looking to more than double its number of employees in downtown Calgary by the end of the year. (Bryan Labby/CBC)

Virtual Gurus, which aims to hire more people from minority groups, including people with disabilities and members of the LGBTQ community, recently received $10 million in funding from several venture funds. The money will be used to help the company grow and launch a new app in the coming months.

New funding sources

Calgary-based startup ZayZoon, which previously relied on individual, private investors, recently raised $25.5 million in funding to help it expand. ZayZoon offers people early access to their earned wages and has partnered with approximately 3,000 businesses in the U.S. The company has 70 employees but plans to hire 15 more by the end of the year. 

One of its investors is Alberta government-owned ATB Financial, which is providing a $13-million debt pool for the company to use when clients seek an advance on their earnings.

Darcy Tuer, left, Tate Hackert, middle, and Jamie Ha are the founders of Calgary-based startup ZayZoon, which provides clients with early access to their earned wages. (Tate Hackert/ZayZoon)

Tate Hackert, one of the company’s founders, says ATB’s support is a boost for his company and the city.

“It’s just such a great story for Calgary,” he said.

“It just shows that there is more to invest in here than oil and gas, and we’re really looking forward to being part of that success story, right?”

Finding employees a challenge

An ongoing challenge for most tech firms is finding employees to support their expansion plans.

“We’re absolutely hiring as many people as we can. It’s a really tough market in Calgary because we do have so many tech companies here that are trying to hire people,” said Glover-Campbell.

Helcim says it takes a unique approach to hiring and provides greater opportunities for recent graduates of post-secondary schools. It aims to hire young professionals right out of school and provide on-the-job training and mentorship. 

Employees of Helcim in downtown Calgary. The company plans to add 100 more employees by the end of 2023. (Bryan Labby/CBC)

“Our focus is on giving these young professionals the ability to start their career at Helcim instead of fighting for senior talent,” said Beique.

He also says recent cooling off in the sector could help level out the demand for talent and help his company attract and retain staff.

Calgary has a lot going for it, Beique says, including an affordable cost of living and a good quality of life. He says 20 per cent of the companies’ recent hires are coming from outside the city.

Bryan Labby is an enterprise reporter with CBC Calgary. If you have a good story idea or tip, you can reach him at or on Twitter at @CBCBryan.

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