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Group calls on government to help companies set up shop in developing countries

Engineers Without Borders is asking the federal government to help make it easier for companies to do business in developing countries.

Members of the group met with 55 MPs Monday to discuss creating a Development Finance Institute, which would provide financing and responsible investment to companies that want to work in countries often considered too risky for traditional investors.

"The idea is that with Canada's AAA credit rating, we're able to make a strong backing for a publicly funded finance institution that would actually be able to invest in both local economic players, so local companies in the developing world, but also Canadian and other international companies that want to operate in those regions," said James Haga, the director of policy and advocacy at Engineers Without Borders

He told CFRA these institutes have proved profitable in other countries.

"The United States government has since 1969 had a Development Finance Institution established and at this point in the game for every dollar that the U.S. government invests in overhead in terms of managing the institution, $8 is recouped and reinvested into the U.S. government budget," he said.

Canada is the only G7 country without a Development finance Institute.

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