National Council also in favor of new law on development financing
Published: Monday, Dec 4th 2023, 19:10
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The company, which supports small and medium-sized enterprises in developing and emerging countries on behalf of the Swiss Confederation, has been given a new legal basis. After the Council of States, the National Council has also adopted a new federal law on the development finance company Sifem.
On Monday, the upper chamber unanimously voted in favor of the draft Federal Act on the Swiss Investment Fund for Emerging Markets (Sifem). The bill still has to go back to the Council of States to iron out a small difference.
The Council of States had clearly approved the draft law in September and formulated the requirements for cooperation slightly differently than the Federal Council. The Council of States will have to give in to this again.
Sifem has been in operation since 2011 and, according to the Federal Council, has proven its worth. Previously, Sifem's activities were only regulated by four articles in an ordinance, but this was no longer sufficient according to the Federal Council.
Sifem invests in small, medium-sized and fast-growing private companies in developing and emerging countries. In doing so, it helps to create jobs and reduce poverty. The companies are also supported in complying with internationally recognized standards for the environment, climate protection, social issues and responsible corporate governance.
In May 2022, the Federal Council announced that it was increasing Sifem's capital by sixty million francs. This will enable the institution, which is organized as a public limited company, to invest up to CHF 130 million annually.
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