Finland has reaffirmed its commitment to Africa’s development through enhanced collaboration with the African Development Bank (AfDB), particularly in the areas of circular economy and the 17th replenishment of the African Development Fund (ADF-17)......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
This was highlighted during a high-level visit by a Finnish delegation to the AfDB headquarters in Abidjan.
The delegation, led by Anna-Kaisa Heikkinen, Finland’s Director General for Africa, the Middle East, and Latin America, engaged with AfDB leadership to explore opportunities for deepening cooperation.
Discussions focused on Africa’s economic transformation, regional integration under the African Continental Free Trade Area (AfCFTA), and Finland’s continued contributions to sustainable development initiatives.
According to a statement seen by THE WHISTLER, Finland has been a longstanding development partner of the AfDB, playing a key role in advancing Africa’s green growth agenda.
One of the focal points of the meeting was Finland’s involvement in the Africa Circular Economy Facility (ACEF), a €4m multi-donor grant trust fund co-established with the Nordic Development Fund in 2022.
Finland doubled its contribution to ACEF in 2024, providing an additional €2m to support Africa’s transition to sustainable economic models aligned with the Paris Agreement and the African Union’s Agenda 2063.
Heikkinen emphasised Finland’s appreciation for the AfDB’s expertise, financing capabilities, and expansive presence across the continent, stating, “The Bank’s comprehensive country-level engagement is of great value. As a funder of the Africa Circular Economy Facility, Finland is especially pleased to see the circular economy fully integrated into the bank’s operations.”
Another key topic of discussion was the ADF-17 replenishment, which aims to mobilise resources to support Africa’s most vulnerable economies.
The AfDB’s concessional arm, the African Development Fund, provides critical financing for 37 low-income countries, helping to bridge infrastructure gaps, strengthen industrialisation, and drive economic resilience.
ADF replenishments occur every three years, and a successful ADF-17 is seen as vital in accelerating Africa’s recovery from COVID-19, climate challenges, and global economic pressures.
Finland has demonstrated strong support for the ADF, contributing €160m in concessional donor loans over the ADF-15 and ADF-16 cycles.
During the meeting, AfDB officials, including Vice President for Agriculture, Human and Social Development Dr Beth Dunford and Senior Director for Resource Mobilisation Gauthier Bourland, emphasised the critical role of development partners in achieving ADF-17 targets.
Beyond financial contributions, Finland is also working to expand its private sector engagement in Africa. In September 2024, Business Finland, a government agency focused on trade and investment promotion, organised an event in Helsinki attended by over 50 Finnish companies exploring AfDB-funded projects in critical minerals, technology, and circular economy sectors.
AfDB leaders encouraged Finland to leverage its expertise in sustainability and innovation to drive impactful development across the continent.