AfDB, Canada Agree Roadmap to Deepen Strategic Partnership for Africa’s Growth

Ambassador Diendéré reaffirmed Canada’s confidence in the African Development Bank as a key development finance institution for the continent.

The African Development Bank Group (AfDB) and Canada have agreed to reset and deepen their partnership, following high-level talks between the Bank’s Senior Vice-President, Marie-Laure Akin-Olugbade, and Canada’s Special Envissary for Africa, Ambassador Ben Marc Diendéré, at the Bank’s headquarters. The meeting marked a renewed commitment to closer cooperation anchored in shared priorities for sustainable development, inclusive growth, and private sector engagement across Africa.

Welcoming Ambassador Diendéré, Akin-Olugbade underscored Canada’s long-standing and strategic role as a partner of the African Development Bank Group. She highlighted Canada’s leadership on climate action, inclusive economic growth, and gender equality, noting that the country is among the five largest contributors to the African Development Fund (ADF), the Bank’s concessional financing window for low-income countries. She also referenced the upcoming 17th replenishment of the African Development Fund, scheduled to take place in London on 15 and 16 December, as a critical milestone for mobilising resources to support Africa’s development priorities.

Ambassador Diendéré reaffirmed Canada’s confidence in the African Development Bank as a key development finance institution for the continent. He pointed to Canada’s newly launched Canada–Africa Strategy, which aims to strengthen political, economic, and commercial ties with African countries. As part of this strategy, Canada is pursuing market diversification and is keen to explore how Canadian companies can leverage the African Development Bank’s platforms, instruments, and project pipelines to expand their presence in Africa.

Discussions during the meeting identified several priority areas for deepened collaboration. These include renewable energy and climate solutions, responsible mining and critical minerals, agribusiness and food systems, health, technical and vocational education and training, artificial intelligence, digital transformation, and the cultural and creative industries. Both sides agreed that these sectors offer strong potential for delivering development impact while creating opportunities for private investment and innovation.

Akin-Olugbade and her team presented the Bank’s Ten-Year Strategy (2024–2033), which sets out the institution’s long-term vision for accelerating Africa’s transformation. They also outlined the Four Cardinal Points articulated by AfDB President Sidi Ould Tah, which guide the Bank’s investment priorities and operational focus. The Senior Vice-President highlighted practical avenues for partnership, including business opportunity seminars held twice a year, which connect international firms with Bank-financed projects and procurement opportunities.

She further emphasised the Africa Investment Forum as a flagship platform for mobilising private capital. The most recent Forum, which concluded on 29 November, attracted nearly $15.3 billion in investment interest for 39 bankable projects across the continent. Akin-Olugbade described the Forum as a prime entry point for Canadian companies seeking scalable, well-prepared investment opportunities in Africa. She also raised the prospect of collaboration beginning at early project stages, including the financing of project preparation, design, and feasibility studies, and encouraged Canadian firms to actively participate in AfDB-supported tenders.

In response, Ambassador Diendéré invited the African Development Bank to engage more directly with Canada’s private sector by sending representatives to Canada to showcase the Bank’s work, strategic priorities, and business opportunities. Both sides agreed to jointly develop a structured roadmap to guide future cooperation, aiming to place the Canada–AfDB relationship on a stronger, more strategic footing and enable more effective collaboration in support of Africa’s sustainable and inclusive development.