Council of States insists on cooperation in development aid
Published: Tuesday, May 28th 2024, 09:00
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The Council of States insists on cooperation between the Society for Development Finance Sifem and the relevant federal agencies. The small chamber tacitly adopted the corresponding motion by Councillor of States Isabelle Chassot (center/FR) on Tuesday. The matter will now return to the National Council.
The Council of States wants to explicitly enshrine the requirement for cooperation between the development finance company Sifem and the federal government in the new Federal Act on Swiss Investments in Private Companies in Developing and Emerging Countries.
In September of last year, the Council of States clearly approved the draft, but formulated the requirements for cooperation with the federal government somewhat differently than the Federal Council. "If you don't request cooperation here, you can ask yourself to what extent this commitment makes sense at all," said Benedikt Würth (center/SG). The public interest in this commitment should be legitimized in this way.
The National Council, on the other hand, wanted to adhere to the Federal Council's proposal and unanimously adopted the bill in the last winter session. At that time, it rejected the request for a deviation from the proposal by the Council of States. The Grand Chamber must now consider the matter again.
Sifem ("Swiss Investment Fund for Emerging Markets") 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. 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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