News Releases

Mar 29, 2014

The Government of Canada contributes CAD$10 million to promote transparency in Latin America

Committed to promoting transparency and accountability in Latin America and the Caribbean (LAC), the government of Canada will contribute CAD$10 million to the Inter-American Development Bank’s (IDB) Transparency Trust Fund (TTF).

With this contribution, Canada joins TTF donors, Norway and MasterCard, in supporting innovative approaches to strengthening transparency in LAC.

“This generous Canadian contribution to our Transparency Fund will allow us to boost our assistance to countries committed to strengthening the governance of their extractive industries and to ensuring that the resulting economic growth tangibly improves their peoples' lives,” said IDB President Luis Alberto Moreno.

Canada’s contribution will leverage the Fund’s four strategic priority areas, which include the strengthening of audit and control systems, financial integrity, open government initiatives, and natural resource governance. Strengthening governance of the extractive industry sector in particular resonates deeply with Canada, which promotes transparency in this sector through various initiatives. A long-standing IDB partner, Canada acted through its Department for Foreign Affairs, Trade and Development (DFATD).

“In Latin America and the Caribbean, mining is a job creator and an engine for economic growth. Through this partnership Canada is working to enhance transparency and accountability to ensure resource development benefits entire communities. Canada is a world leader in responsible resource development and we will continue to leverage Canadian expertise to create sustainable economic growth and opportunities across Latin America,” said Christian Paradis, Minister of International Development and for La Francophonie.

Established in 2007, the Transparency Trust Fund reaffirms the Bank’s commitment to enhancing transparency and accountability throughout the region. The innovative pro-integrity approach of the Fund has given rise to or complemented catalytic interventions in Colombia, Brazil, Ecuador, Trinidad and Tobago, Guyana, and Panama, which combined, amount to approximately US$490 million. To date, technical cooperation projects executed include the reinforcement of Colombia’s mining and housing sectors, the raising of transparency standards in the region’s financial institutions, and the strengthening of audit agencies in Brazil, El Salvador and Jamaica, among others.

About Canada’s Department for Foreign Affairs, Trade and Development (DFATD)

The mandate of Foreign Affairs, Trade and Development Canada is to manage Canada's diplomatic and consular relations, to encourage the country's international trade and to lead Canada’s international development and humanitarian assistance. This includes:

  • ensuring that Canada's foreign policy reflects true Canadian values and advances Canada's national interests;
  • strengthening rules-based trading arrangements andexpanding free and fair market access at bilateral, regional and global levels;
  • working with a range of partners inside and outside government to achieve increased economic opportunity and enhanced security for Canada and for Canadians at home and abroad;
  • managing Canada's support and resources effectively and accountably to achieve meaningful, sustainable international development and humanitarian results;
  • engaging in policy development in Canada and internationally, enabling Canada's effort to realize its international development and humanitarian objectives.

About the Inter-American Development Bank

The IDB is a multilateral financial institution supporting Latin America and the Caribbean’s efforts to reduce poverty and inequality, and to bring about development in a sustainable, climate-friendly way. Established in 1959, it is the leading source of development financing for Latin America and the Caribbean, with a strong commitment to achieving measurable results.

More Information

Juan Cruz Vieyra
IDB Senior Technical Advisor to the Transparency Fund
juancr@iadb.org

Michelle Viegas
Operations Sr Associate
IDB Outreach and Partnerships
mviegas@iadb.org

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