AfDB and Canada move to deepen partnership on investment and growth

“Canada is a partner and a great supporter of the Bank. Your country has shown leadership on issues such as climate action, inclusive growth and gender equality,” Akin-Olugbade said.

The African Development Bank Group (AfDB) and the Government of Canada have taken steps to strengthen their long-standing partnership following high-level talks at the Bank’s headquarters between Senior Vice-President Marie-Laure Akin-Olugbade and Canada’s Special Envoy for Africa, Ambassador Ben Marc Diendéré.

The meeting, described as cordial and constructive, featured frank discussions aimed at placing relations between Canada and the African Development Bank on a new and more strategic footing. Both sides reaffirmed their shared commitment to supporting Africa’s development priorities while expanding opportunities for greater private sector engagement.

“Canada is a partner and a great supporter of the Bank. Your country has shown leadership on issues such as climate action, inclusive growth and gender equality,” Akin-Olugbade said. She noted that Canada is among the five largest contributors to the African Development Fund (ADF), the Bank Group’s concessional financing window that supports low-income and fragile countries.

She also highlighted the importance of the upcoming 17th replenishment of the African Development Fund, which will take place in London on 15 and 16 December. The replenishment is expected to play a critical role in sustaining development financing for Africa at a time of heightened climate, debt and economic pressures.

Ambassador Diendéré reaffirmed Canada’s confidence in the African Development Bank as a key development partner for the continent. He said Canada’s recently launched Canada–Africa Strategy reflects a renewed political commitment to deepening cooperation with Africa and diversifying Canada’s global trade and investment relationships.

“We believe in the African Development Bank as an important instrument for the continent,” Diendéré said. “Beyond our existing relationship, Canada has launched its Canada–Africa Strategy in order to strengthen our cooperation with Africa. As a country, we have a political commitment to market diversification. We are keen to see how Canadian companies can benefit from the African Development Bank as an instrument.”

During the discussions, Diendéré outlined several priority sectors that could form the basis of expanded collaboration between Canada, the Bank and African countries. These include renewable energy, 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.

Akin-Olugbade and her team briefed the Canadian delegation on the Bank’s Ten-Year Strategy, adopted in 2024, as well as the Four Cardinal Points articulated by AfDB President Sidi Ould Tah, which guide the institution’s investment and operational priorities. These strategic frameworks place strong emphasis on climate resilience, private sector development, regional integration and inclusive growth.

The Senior Vice-President highlighted concrete opportunities for strengthening cooperation through the Bank’s regular business opportunity seminars, which are held twice a year and provide international companies with insights into procurement opportunities and project pipelines across Africa.

She also pointed to the Africa Investment Forum as a key platform for Canadian investors. The most recent forum, which concluded on 29 November, attracted nearly $15.3 billion in investment interest for 39 bankable projects across multiple sectors, demonstrating Africa’s growing pipeline of investable opportunities.

Akin-Olugbade further encouraged Canadian firms to engage at earlier stages of project development, including through the financing of project preparation, design and feasibility studies. She also invited Canadian companies to participate actively in calls for tenders under Bank-supported programmes and projects.

In response, Diendéré invited the African Development Bank to send representatives to Canada to present the institution’s work and investment opportunities directly to the Canadian private sector. Both sides agreed on the need to develop a structured roadmap to guide future cooperation.

Akin-Olugbade and Diendéré concluded the meeting by agreeing to prepare a joint roadmap that will redefine and strengthen the partnership between Canada and the African Development Bank, enabling closer collaboration in support of sustainable development, investment and economic transformation across Africa.