At the first Canada-Africa Business Summit hosted by the Canadian Council on Africa (CCAfrica), Minister Paradis announced $309.3 million over three years in Canadian support to the African Development Fund (ADF) 13th Replenishment.
Through the ADF, the African Development Bank provides the poorest and most vulnerable African countries with grants and low-interest loans to invest in poverty reduction and development projects and programs, as well as technical assistance for studies and capacity-building activities.
Established in 1972, the ADF comprises 27 contributing countries and benefits 40 countries. ADF-eligible countries include those that are increasing their economic capacities and heading toward becoming the new emerging markets—as well as those that remain fragile and need special assistance for basic levels of service delivery. Donors replenish its resources every three years.
The ADF emerged as the solution to two major constraints that became apparent after the African Development Bank had commenced operations in 1974: the limited amount of resources that the bank could provide; and the nature, as well as the terms, of the loans, which were not fully appropriate for the poorest of its member countries, especially for projects with long-term durations or non-financial returns.
At a bilateral meeting with Mr. Tolesa Shagui, Minister of the Ministry of Mines of Ethiopia, Minister Paradis also announced $12.5 million over five years to strengthen education for the mining sector in Ethiopia. Canada’s support will provide training at the post-secondary level for the management of extractive resources, including in the mining and geological sciences, and technical vocational training for the community-based workforce.
Canada has supported development in sub-Saharan Africa for more than five decades, working with independent African nations to improve development outcomes, make the most of commercial opportunities, and enhance the abilities of these nations to promote security, development, regional cooperation and integration.
