The African Development Bank Group (AfDB) and the Government of Canada have taken steps to strengthen their long-standing partnership following high-level talks between World Bank Senior Vice President Marie-Laure Akin Olugbad and Canada’s Special Envoy for Africa, Ambassador Ben-Marc Diendele.
The meeting, which was described as friendly and constructive, featured frank discussions aimed at putting the relationship 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 to increase private sector engagement.
“Canada is a partner and great supporter of the World Bank. Canada has demonstrated leadership on issues such as climate action, inclusive growth, and gender equality,” said Akin Olugbad. He noted that Canada is among the top five contributors to the African Development Fund (ADF), the World Bank Group’s concessional lending window that supports low-income and vulnerable countries.
He also underlined the importance of the 17th Replenishment of the African Development Fund, to be held in London on 15 and 16 December. The replenishment is expected to play a key role in maintaining development financing for Africa amid rising climate, debt and economic pressures.
Ambassador Diendere reaffirmed Canada’s confidence in the African Development Bank as a key development partner on the African continent. He said Canada’s recently launched Canada-Africa Strategy reflects a renewed political commitment to deepen cooperation with Africa and diversify Canada’s global trade and investment relationships.
“We believe that the African Development Bank is an important instrument for the African continent,” Diendele said. “Canada launched the Canada-Africa Strategy to strengthen cooperation with Africa beyond existing relationships. As a country, Canada is politically committed to diversifying its markets. We are looking at how Canadian businesses can benefit from African Development Bank instruments.”
During the discussion, Mr. Diendere outlined several priority areas that could form the basis for increased cooperation between Canada, the World 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 cultural and creative industries.
Akin Olugbad and his team briefed the Canadian delegation on the Bank’s 10-year strategy, adopted in 2024, and the four cornerstones that AfDB President Sidi Ould Tarr has outlined as the institution’s investment and operational priorities. These strategic frameworks focus on climate resilience, private sector development, regional integration and inclusive growth.
He highlighted concrete opportunities to strengthen cooperation through the Bank’s regular Business Opportunities Seminar, which is held twice a year and provides international companies with insight into procurement opportunities and project pipelines across Africa.
He also noted that the African Investment Forum is an important platform for Canadian investors. The latest forum, which concluded on November 29, attracted nearly $15.3 billion in investment interest across 39 bankable projects across multiple sectors, demonstrating the growing pipeline of investment opportunities in Africa.
Mr. Akin Olugbade further encouraged Canadian companies to be involved in the early stages of project development, including funding project preparation, design and feasibility studies. He also called on Canadian businesses to actively participate in soliciting bids under World Bank-supported programs and projects.
In response, Mr. Diendere requested that the African Development Bank send a representative to Canada to present African Development Bank operations and investment opportunities directly to the Canadian private sector. Both sides agreed on the need to develop a structured roadmap to guide future cooperation.
Mr. Akin-Orugbad and Mr. Diendele concluded the meeting by agreeing to create a joint roadmap that redefines and strengthens the Canada-African Development Bank partnership and enables closer cooperation to support sustainable development, investment and economic transformation across Africa.
