New Delhi: India and the African Development Bank Group are expanding cooperation across digital infrastructure, industrial development and finance as preparations gather momentum for the upcoming India-Africa Forum Summit 2026.
The summit, scheduled to be held in New Delhi on May 31, is expected to provide a key platform to strengthen economic and strategic ties between India and African nations.
The growing engagement aligns with the Bank Group’s strategic priorities under its ‘Four Cardinal Points’, focusing on expanding access to capital, strengthening financial and digital systems, and accelerating industrialisation across Africa.
India, which became a member of the African Development Bank Group in 1983, has consistently supported the institution by contributing to all its general capital increases.
This backing has enhanced the Bank’s ability to scale up funding for infrastructure, development projects and economic recovery initiatives across its regional member countries.
Economic ties between India and Africa have witnessed significant growth in recent years, with bilateral trade nearing the $100 billion mark in 2024-25.
Key sectors driving this expansion include infrastructure, energy, agriculture and technology.
This growing engagement is also reflected in projects financed by the Bank, where Indian companies are playing an increasing role.
Between 2020 and 2025, Indian firms secured 173 contracts worth around $760 million under Bank-financed projects, accounting for 5.3 per cent of total procurement.
This participation has helped strengthen project delivery capacity while creating more opportunities for private sector involvement.
Efforts to deepen commercial linkages have also gained traction. In September 2024, a delegation led by African Development Bank Vice President Solomon Quaynor visited India to explore new investment opportunities and expand cooperation in sectors such as pharmaceuticals, agriculture and technology.
Digital public infrastructure has emerged as a key pillar of collaboration. India contributed $2 million to the African Digital Financial Inclusion Facility in 2023 and, in 2024, signed the third phase of the India Trust Fund agreement worth $6 million.
These initiatives aim to support digital payments, interoperability frameworks and broader financial inclusion across African economies.
Healthcare and industrial development are also central to the partnership. With Africa’s pharmaceutical sector facing an estimated $111 billion investment gap by 2030, efforts are underway to boost local manufacturing and reduce import dependency.
Through initiatives such as the African Pharmaceutical Technology Foundation, the Bank Group is supporting technology transfer, supply chain development and capacity building.
(IANS)
