Canada

Global Affairs Canada (formerly the Department of Foreign Affairs, Trade, and Development) leads the country’s international development and humanitarian assistance, manages Canada’s diplomatic and consular relations, and encourages Canadian international trade.

Canada’s priority in Asia is addressing the pressing challenges in the region, including reducing poverty, increasing gender equality and empowering women and girls, strengthening governance, promoting human dignity, and protecting the environment.

In November 2022, Canada released its Indo-Pacific Strategy. The strategy cites the region as one of opportunity for Canada, focusing on the infrastructure sector, sustainable development, and explicit connection to the G7 Partnership for Global Infrastructure and Investment. The strategy begins with an investment of almost Can$2.3 billion over the next 5 years.

In May 2023, on the sidelines of ADB’s 56th Annual Meeting in Incheon, ADB and FinDev Canada signed a memorandum of understanding to cooperate on sustainable and inclusive private sector investments that promote sustainable 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. Activities will be focused on projects that meet ADB and FinDev Canada’s investment criteria in priority sectors and will be further strengthened by regular knowledge sharing of country and sector strategies and sustainability-related data.

In November 2023, Canada’s Trade Commission Service of Global Affairs hosted and organized a roadshow across Canada that showcased business opportunities available to Canadian companies through the transaction advisory services of ADB’s Office of Markets Development and Public–Private Partnership. The role of the Asia Pacific Project Preparation Facility was also highlighted. Canada is a cornerstone partner of the facility and has been supporting it since its inception in 2015.

Highlights of ADB–Canada Engagement in 2023:

Sovereign Cofinancing. In 2023, Canada committed a total of $6.9 million in grant and technical assistance cofinancing, of which $3.5 million was to support Bhutan in increasing the employability of the youth to reduce youth unemployment.

Nonsovereign Cofinancing. The Trade and Supply Chain Finance Program (TSCFP) supported over 230 transactions valued at $677.4 million with banks domiciled in Canada from inception to December 2023. During the same period, the TSCFP supported over 220 Canadian exports and/or imports valued at $107 million. In 2023 alone, the TSCFP supported five Canadian exports and/or imports valued at $2.1 million. Exports and/or imports were mainly to or from Viet Nam, Bangladesh, and Pakistan. Underlying goods involved mostly raw and non-energy commodities, food and agriculture-related goods, and consumer goods.

Special Funds. Canada is a founding member of ADB and has contributed $2.2 billion to ADB special funds since 1966. Of this commitment, $2.1 billion has gone to the Asian Development Fund (ADF). The ADF provides grants to ADB’s low-income developing member countries to help reduce poverty and improve quality of life.