In Johannesburg, South Africa, Prime Minister Carney announced new initiatives to strengthen partnerships with other G20 member countries and advance shared priorities.
Private capital for energy and infrastructure
Ninety One’s African Credit Opportunities Fund 3 (ACO3)
Partner: Ninety One
Funding: $28,000,000 over 7.5 years (2025-32)
Countries: Various, including South Africa
This FinDev Canada investment in Ninety One’s African Credit Opportunities Fund 3 (ACO3) will expand access to finance in Africa by lending funds to more than 30 companies and infrastructure projects, supporting jobs in key economic sectors and improving access to goods and services for businesses and consumers. Aligned with the 2X Challenge Criteria, the fund mainstreams gender equality across its portfolio and is committed to advancing employment and leadership opportunities for women. The fund is structured to strengthen the resilience of African debt capital markets, facilitating the mobilisation of local South African banks. FinDev Canada’s investment will directly unlock $18 million of additional capital.
With this fund investment, FinDev Canada has now provided a total of more than $318 million in financing and investment to the private sector across Africa in 2025, bringing its total portfolio on the continent to over $1.1 billion. This includes recently announced loans of $139 million to the African Finance Corporation, a leading infrastructure solutions provider in Africa; $84 million to CRDB Bank PLC, the largest commercial bank in Tanzania; $35 million to Access Bank, one of the leading financial institutions in Africa; and $32 million to Amethis Fund III, a generalist impact fund.
Skilling for the Just Energy Transition in South Africa
Partner: National Business Initiative
Funding: $5,000,000 over three years (2026-29)
Country: South Africa
This project mobilises the private sector to empower the youth workforce and engage more micro, small, and medium-sized enterprises (MSMEs) in South Africa’s energy transition, benefitting more than 1,500 individuals and 170 MSMEs. The project supports South Africa’s Just Energy Transition objectives by addressing workforce gaps to meet market demand for the green and circular economy, while unlocking cleantech opportunities and fostering conditions for growth in industries where Canadian firms are active. This complements the significant investments Canada is making to support South Africa’s energy transition, including a $120 million sovereign loan to support policy and regulatory reforms that enable renewable energy investment and improve energy sector governance.
Talent and technology
Strengthening skills training ecosystems and pathways in Kenya (STEP)
Partner: World University Services Canada
Funding: $18,000,000 over seven years (2025-32)
Country: Kenya
This project will provide access to technical and vocational training for 10,000 youth, both refugees and members of their host communities. The project will focus on workforce development in high-demand sectors such as digital and green skills, AI, and health care. By leveraging Canadian expertise and market linkages, the project will strengthen inclusive employment pathways and foster a more resilient and mutually beneficial economic environment for future growth.
Disaster risk reduction
South African Resilient Municipalities
Partner: Federation of Canadian Municipalities
Funding: $8,000,000
This project will strengthen South African municipalities’ climate and disaster risk resilience and response, including through the development of financing pathways to unlock resources for adaptation and recovery. It will leverage Canadian expertise in technology-driven infrastructure management and the development of climate-resilient services, while fostering partnerships between Canadian and South African municipalities.
Integrated Food Systems and Resilience in Northern Nigeria
Partner: United Nations World Food Programme
Funding: $5,000,000 over two years (2025-27)
Country: Nigeria
This project aims to promote inclusive planning, gender equity, and social cohesion in Nigeria’s volatile Northern region. It will support state institutions and local actors in building governance capacity and resilience, while addressing urgent needs related to climate adaptation and livelihoods through strengthened sustainable food systems and training in shock-responsive agriculture. By improving local government capacity and policy coherence, the project will offer scalable solutions to future food crises, helping prevent worsening humanitarian outcomes and consolidating development efforts for long-term regional stability.