Partner Spotlight: Canada

For nearly six decades, the Asian Development Bank (ADB) and Canada have collaborated to tackle some of the most pressing development challenges in Asia and the Pacific. From advancing gender equality to addressing the climate crisis, environmental degradation, and poverty and inequality, the partnership has played an important role in the region’s sustainable development.??

A founding member of ADB, Canada has contributed $245 million to sovereign projects, matched by $868 million of ADB’s resources, and $530 million to ADB-managed trust funds. Canada-based private entities have also committed $383 million to nonsovereign operations.??

In 2023, Canada’s cofinancing commitments amounted to $6.9 million. In the same year, ADB’s Trade and Supply Chain Finance Program supported five Canadian exports and/or imports valued at $2.1 million.?

This issue of the ADB Partnerships Newsletter highlights the ADB-Canada partnership’s more recent contributions to sustainable growth across the Asia and Pacific region.?

View: Canada’s Partner Profile from ADB’s Partnership Report 2023?

Advancing Shared Priorities?

Canada’s Indo-Pacific Strategy, launched in November 2022, identifies Asia and the Pacific as a region of immense opportunity. With an investment of about Can$2.3 billion over the next five years, the strategy signals Canada’s commitment to the region. It focuses on sustainable infrastructure, gender equality, climate change, and inclusive development. It also aligns efforts with global initiatives such as the G7 Partnership for Global Infrastructure Investment.?

Collaborating with FinDev Canada?

ADB and FinDev, Canada’s development finance institution,?signed a memorandum of understanding in May 2023 to cooperate on sustainable and inclusive private sector investments that promote development in Asia and the Pacific. They will jointly support private sector growth and investments in emerging and developing markets that advance women’s economic empowerment, climate action, and local market development.??

Driving Results Through Trust Funds?

As the climate bank for the Asia and Pacific region, ADB’s trust funds are essential to scale up climate action, mobilize private financing, and accelerate private sector participation in development. Canada has supported 6 ADB-managed trust funds, including?

Asia Pacific Project Preparation Facility. Enhancing infrastructure development with $63.3 million in collective contributions alongside Australia, Japan, and the Republic of Korea. It supports the preparation and structuring of infrastructure projects, with private sector participation, and bringing them to the global market. ?

Canadian Climate and Nature Fund for the Private Sector in Asia. Supporting private sector projects in the region focused on climate and nature-based solutions, with $255 million in commitments.?

Canadian Climate Fund for the Private Sector in Asia. Catalyzing private investment in climate change mitigation and adaptation in Asia and the Pacific. It is ADB’s first concessional debt cofinancing facility focused on private sector climate actions, with $77.3 million in commitments.?

Canadian Climate Fund for the Private Sector in Asia II. Supporting?private sector participation in climate change mitigation and adaptation in low- and lower-middle-income countries and upper-middle-income small island developing states, with?$149.5 million in commitments.?

Stories of ADB-Canada Partnerships?

Bangladesh: Keeping the Kids in Primary School. Bangladesh’s Primary Education Development Program, cofinanced by ADB and Canada, and other partners, introduced innovative approaches that changed the face of basic education in the country, such as the adoption of multimedia, teacher training, and reward schemes to encourage kids to stay in school.?

Lao People’s Democratic Republic: Southeast Asia's Biggest Wind Power Plant. The Monsoon Wind Power Company is building a wind power plant in the Lao PDR. ADB and Canada, along with other partners, are cofinancing what is poised to become the largest wind power facility in Southeast Asia.??

Maldives: Boosting Small Businesses and the Blue Economy. ADB and Canada, along with other partners, are providing the Bank of Maldives with a financing package to boost small businesses and investments in sustainable blue economy projects.?

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ADB Partnerships: News, Views, and Progress in Asia and the Pacific?provides monthly updates on ADB's strategic partnerships that work toward achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific.?

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