The Canada Fund for Africa (CFA) was a program operated by the government of Canada through the Canadian International Development Agency (CIDA). Established in June 2002 with a budget of five hundred million dollars, its stated purpose was to support the G8 Africa Action Plan in response to priorities established in the New Partnership for Africa's Development (NEPAD).[1] The fund officially ended on March 31, 2008. As of 2010, all but one of its targeted projects have been completed.[2]

The Fund was established by the Canada Fund for Africa Act in 2002 to fulfill Canada's obligations under the New Africa Initiative created be the Organization of African Unity.[3]

Government records indicate that one million dollars of the fund was spent on public-private ventures for providing risk capital. HIV/AIDS research and development, polio eradication, and the oversight of water and sanitation each received fifty million dollars.[4]

The fund ran from 2002 to 2007, investing in pan-African and African regional investments, with a goal to leverage additional outside financing. Major results of the CFA included the African Water Facility and NEPAD Infrastructure Project Preparation Facility. Approximately 74% of funding flowed to the agricultural, water, environmental or health categories of the fund, with the remainder flowing to governance, security, trade, infrastructure, and communications technology portfolios.[5]

The program was complemented by the Canada Investment Fund for Africa, which instead of funding government projects, funded private investment in Africa.[6] The United Nations notes that funding under these two programs supported many initiatives, with those most likely to be supported by the Canada Fund for Africa being $220 million on polio and HIV, and $150 million on humanitarian food aid and water resources.[7] It is not guaranteed that all these programs were funded directly by the CFA, and may include Canada Investment Fund for Africa contributions or leveraged contributions.

References

  1. ↑ Canada Fund for Africa: About the Fund, Canadian International Development Agency, accessed 3 December 2010.
  2. ↑ Canada Fund for Africa, Canadian International Development Agency, accessed 3 December 2010.
  3. ↑ (Canada Fund for Africa Act (2002). S.C. 2002, c. 9, s. 45. https://laws-lois.justice.gc.ca/eng/acts/C-5.7/page-1.html)
  4. ↑ The Legacy of the Canada Fund for Africa, Canadian International Development Agency, accessed 3 December 2010.
  5. ↑ Canadian International Development Agency (2011) CANADA FUND FOR AFRICA: SUMMATIVE EVALUATION EXECUTIVE REPORT. OECD. https://www.oecd.org/derec/50341343.pdf
  6. ↑ Global Affairs Canada (2017), Canada Investment Fund for Africa: Mid-term Review. https://www.international.gc.ca/gac-amc/publications/evaluation/2012/dev-ifa-fia12.aspx?lang=eng
  7. ↑ United Nations (n.d.), Canada: Support to NEPAD (2001-2003). https://www.un.org/esa/africa/support/Canada.htm


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.