October 26, 2024 – Washington, D.C. – Global Affairs Canada

Financial inclusion gives people a fair chance to succeed. However, with the rising cost of living, regional conflicts, and natural disasters caused by climate change, financial pressures have impacted everyday life, especially for the world’s most vulnerable.

Yesterday, the Honourable Ahmed Hussen, Minister of International Development concluded his participation at the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington. While there, he announced a $20 million contribution to the Toronto Centre over five years.

Canada’s investment will expand the reach of the Toronto Centre’s tailored training to financial regulators in developing countries, including for women. Women continue to be less likely than men to have access to financial institutions, or even have their own bank account. Gender inclusive training can help break the cycle of gender-based poverty – changing lives and increasing women’s participation in the economy. The project focuses on Sub-Saharan Africa, the Indo-Pacific region and special assistance to Ukraine.

Minister Hussen also engaged with global partners, World Bank management and other key stakeholders, committed to working with Canada to improve accessing to finance for those who need it most, especially women, a priority under Canada’s Feminist International Assistance Policy. The World Bank Group is an important partner in funding development projects that help increase financial stability, making it easier for people to access financial services, and providing support in times of crisis.