First Yes to New Legal Basis for Development Financing
- 25 Sep 2023 2:26 pm CET
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The Swiss Federal Council has proposed a law to regulate the Swiss Investment Fund for Emerging Markets (Sifem), a development finance company owned by the Swiss government. The Ständerat, the upper house of the Swiss Parliament, approved the proposal with 37 votes in favour, 3 against and 2 abstentions. The Sifem invests in small, medium and rapidly growing private companies in developing and emerging countries, with the aim of creating jobs and reducing poverty. It also supports companies in adhering to international standards for environmental protection, climate protection, social issues and responsible corporate governance. The Ständerat also proposed that the Sifem should be explicitly obliged to cooperate with relevant federal authorities such as the Directorate for Development and Cooperation (Deza) and the State Secretariat for Economic Affairs (Seco). The National Council will now decide on the proposal.