Canadian businesses attending a Business Opportunities Seminar with International Finance Institutions (IFI) held in Toronto, Montreal, Calgary and Vancouver from October 18 to 21 have been urged to compete for AfDB-funded projects and tap into the immense business opportunities available in Africa.
The Business Opportunities Seminar is an event aimed at companies, institutions and individual consultants interested in working on projects with the African Development Bank (AfDB); the Asian Development Bank (ADB); the World Bank (WB); the Inter-American Development Bank (IADB); and European Bank for Reconstruction and Development (EBRD). The seminars are organized by the Canadian Government through the Department of Global Affairs.
In his address, Shem Simuyemba, Fund Manager for the New Partnership for Africa’s Development (NEPAD) Infrastructure Project Preparation Facility (NEPAD-IPPF), shared opportunities, especially in the infrastructure sectors of energy, transport, trans-boundary water and ICT, and in equipment/component manufacturing and services.
“There are opportunities in oil and gas; electricity generation, transmission and distribution; renewable and green energy; expansion of transport capacities in ports, roads, railways and airports and logistics; as well as fixed and mobile telephony including value added services,” Simuyemba told participants. These opportunities are across the entire “Infrastructure Value Chain” ranging from consulting and advisory services, financing, construction, equipment supply, to technology and skills transfer.
In the discussions, Canadian businesses showed interest in energy, renewable energy, manufacturing, logistics and financial services. Simuyemba informed representatives in Toronto and Calgary that Africa was increasingly functioning as an integrated market of one billion people as regional integration arrangements are being creating to facilitate the movement of goods and services through the establishment of the Continental Free Trade Area (CFTA).
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