Canada and African Development Bank Deepen Partnership for Sustainable Growth in Africa

During discussions at the AfDB headquarters in Abidjan, both parties explored expanding cooperation through innovative financing mechanisms.

On Friday, 7 February, the African Development Bank (AfDB) welcomed Andrew Smith, Director General for the Pan-African Bureau at Global Affairs Canada, to Côte d'Ivoire, marking a significant advancement in the partnership between Canada and the AfDB Group.

The visit began with a field tour in Tiassalé, an agriculture and tourism hub in southern Côte d'Ivoire. A joint delegation, led by Andrew Smith and Edmond Wega, AfDB Deputy Director General and Country Manager for Côte d'Ivoire, inspected projects supported by the Bank Group. They visited the Espace Cacao Boh project, which is improving local cocoa production, and a semi-industrial cassava processing unit in N'Douci, run by a 17-member women's cooperative led by Madame Coulibaly Sanata. The cooperative exemplifies the integration of women's economic empowerment into agricultural initiatives.

Andrew Smith praised the projects, stating, "Seeing these projects in action reinforces our commitment to working with the African Development Bank. The impact on local communities is remarkable."

The visit coincides with Canada assuming the G7 Presidency and implementing its Africa Strategy, announced in November 2024. The strategy includes a CAD 176.6 million investment package targeting climate initiatives, youth empowerment, and women's economic development. Additional commitments include the creation of an African Trade Hub, new diplomatic missions in Benin and Zambia, and CAD 54.4 million for peace and security initiatives.

During discussions at the AfDB headquarters in Abidjan, both parties explored expanding cooperation through innovative financing mechanisms. Key topics included establishing the African Competitiveness Trust Fund, and succeeding the Africa Trade Fund, to bolster the African Continental Free Trade Agreement. They also reviewed new financing models, such as Special Drawing Rights (SDR) rechanneling initiatives, hybrid capital offerings, and the second phase of the Canada-African Development Bank Climate Fund (CACF II).

Marie Laure Akin-Olugbade, Senior Vice President of the AfDB, remarked, "This partnership exemplifies the collaborative approach needed for Africa's development. Canada's commitment aligns perfectly with our Ten-Year Strategy."

Canada has been a key partner of the AfDB since 1983, ranking as the 8th largest shareholder overall and the 4th largest non-regional member. The partnership has yielded impactful initiatives, including the Africa Disaster Risk Financing Programme, the African Guarantee Fund, and multiple climate finance projects. As the seventh-largest donor to the African Development Fund, Canada remains instrumental in supporting Africa's most vulnerable economies.

This renewed collaboration, driven by Canada's G7 Presidency and Africa Strategy, combined with the AfDB's Ten-Year Strategy, lays a solid foundation for advancing shared goals in climate resilience, trade integration, and sustainable development across Africa.