Law on new development finance company has been amended
Published: Thursday, May 30th 2024, 08:31
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Sifem, the federal development finance institution that has been in existence for thirteen years, is to have its own legal basis. The Council of States and National Council have resolved the final difference in a new law for Sifem.
On Thursday, the National Council tacitly agreed with the Council of States. The Council of States wanted to explicitly enshrine in law that Sifem should work together with the relevant federal agencies to achieve its development cooperation goals, and not just collaborate.
The Council of States was referring to the Swiss Agency for Development and Cooperation (SDC) and the State Secretariat for Economic Affairs (SECO). However, these are now no longer mentioned by name in the law. The new Federal Act on the Development Finance Corporation Sifem still has to go through the final votes of both chambers.
The Federal Council justified its proposal by stating that the existing legal basis for Sifem was no longer sufficient. According to the Federal Council, the company is only mentioned in an ordinance.
The new law regulates the purpose and tasks of Sifem, the principles of its business activities and financing as well as the position of the Swiss Confederation as the main shareholder. Sifem stands for Swiss Investment Fund for Emerging Markets.
The company supports small and medium-sized enterprises in developing and emerging countries on behalf of the federal government. According to the Federal Council, it helps to create jobs and reduce poverty.
According to the government, companies are also supported in complying with internationally recognized standards for the environment, climate protection, social issues and responsible corporate governance. According to the Federal Council, Sifem has proven its worth.
©Keystone/SDA
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