The African Development Bank Group (AfDB) and Canada have agreed to rebuild and deepen their partnership following high-level discussions at World Bank Headquarters with Marie-Laure Akin Olugbad, Senior Vice President of the African Development Bank, and Ambassador Ben-Marc Diendele, Canada’s Special Envoy for Africa. The conference demonstrated a renewed commitment to closer cooperation based on shared priorities of sustainable development, inclusive growth and private sector engagement across Africa.
Welcoming Ambassador Diendele, Mr. Akin-Olugbad emphasized Canada’s long-standing strategic role as a partner of the African Development Bank Group. He highlighted Canada’s leadership in 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 African Development Fund’s concessional financing window for low-income countries. He also noted the 17th replenishment of the African Development Fund, scheduled for December 15 and 16 in London, as a key milestone to mobilize resources in support of Africa’s development priorities.
Ambassador Diendere reaffirmed Canada’s confidence in the African Development Bank as the continent’s leading development finance institution. He pointed to Canada’s new 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 ways that Canadian companies can leverage the African Development Bank’s platforms, instruments and project pipeline to expand their presence in Africa.
Discussions during the meeting identified several priority areas for deepening cooperation. 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 cultural and creative industries. Both sides agreed that these areas offer strong potential to influence development while creating opportunities for private investment and innovation.
Akin Olugbad and her team announced the Bank’s 10-year strategy (2024-2033), which sets out the Bank’s long-term vision for accelerating Africa’s transformation. It also outlined the four fundamentals outlined by AfDB President Sidi Ould Tarr that will guide the Bank’s investment priorities and operational focus. The Senior Vice President highlighted practical means of partnership, such as the bi-annual Business Opportunities Seminar, which connects international companies with bank-financed projects and procurement opportunities.
He further emphasized that the African Investment Forum is a key platform for mobilizing private capital. The latest forum, which concluded on November 29, attracted nearly $15.3 billion in investment interest in 39 bankable projects across the continent. Mr. Akin Olugbade said the forum is a major entry point for Canadian companies seeking scalable and well-prepared investment opportunities in Africa. He also encouraged Canadian companies to actively participate in bidding for AfDB support, raising the possibility that cooperation could start from the early stages of a project, including funding project preparation, design and feasibility studies.
In response, Ambassador Diendere called on the African Development Bank to engage more directly with Canada’s private sector by sending a representative to Canada to showcase the Bank’s work, strategic priorities and business opportunities. The two sides agreed to jointly develop a structured roadmap to guide future cooperation, with the aim of putting the Canada-AfDB relationship on a stronger and more strategic footing and enabling more effective cooperation in supporting sustainable and inclusive development in Africa.
