The African Development Bank Group (AfDB) and Michael R. Bloomberg have launched a strategic partnership aimed at mobilising private sector investment across Africa, with a view to accelerating sustainable development, job creation and infrastructure financing. The announcement took place during the Bloomberg Philanthropies Global Forum on the sidelines of the 80th UN General Assembly.
Under the agreement, AfDB President Dr Sidi Ould Tah and Bloomberg, who also chairs the Glasgow Financial Alliance for Net Zero (GFANZ), will coordinate efforts to direct greater flows of private capital into key sectors across the continent.
“Today we took a decisive step–embarking on a new journey of partnerships and collective action. Through our four cardinal points of strategic priorities, we have affirmed our commitment to work closely with the private sector and our international partners to create a financial framework that serves Africa better–and on its own terms,” said Dr Sidi Ould Tah.
Bloomberg similarly emphasised Africa’s vast potential, saying the collaboration with AfDB will help unlock growth and innovation by reducing investment barriers.
“Africa has enormous opportunities for economic growth and innovation, and this new partnership with the African Development Bank will help to unlock more of it by reducing barriers to private investment,” Bloomberg said.
Since his recent appointment, Dr Ould Tah has delineated “transforming population growth into an economic engine for job creation, particularly for women and youth,” as one of the four cardinal priorities of the Bank.
“I am glad that we have allies who believe in the importance of progressive partnerships and who are ready to work hand in hand with the African Development Bank Group. Together we will consolidate our strengths for mobilizing private sector resources and unleashing investments at scale for Africa’s development,” Dr Ould Tah added.
Given that Africa requires over $1.3 trillion to meet the United Nations Sustainable Development Goals, with $68–108 billion annually devoted just to infrastructure financing according to AfDB’s 2025 African Economic Outlook report, this partnership seeks to help close those financing gaps.
The Africa Investment Forum, established by AfDB alongside eight partners, will serve as a platform to accelerate the development of projects, offer curated opportunities for investors, and help finalise deals, with the broader goal of positioning Africa as a premier global investment destination.
In the coming months, AfDB and its partners will:
Raise investor awareness of AfDB’s “mobilisation toolkit” and highlight promising investment opportunities across the continent.
Collect feedback from private sector participants to refine the approach.
Explore financial and policy innovations to stimulate private capital flows into growth-oriented sectors.
Mary Schapiro, Vice Chair of GFANZ, has added that the partnership will help “connect African investment opportunities with the capital, tools, and innovation needed to bring them to life.”
“Mobilizing private capital at scale is essential to unlocking Africa’s full potential for sustainable growth and resilience,” said Mary Schapiro, Vice Chair of GFANZ and Head of the GFANZ Secretariat. “This partnership will help connect African investment opportunities with the capital, tools, and innovation needed to bring them to life.”
The collaboration comes at a critical moment when many African economies face pressures to boost jobs, improve infrastructure, and implement climate resilient projects. The infusion of private investment is seen as a key lever to achieving sustainable growth and ensuring development goals are met.
By explicitly focusing on job creation, especially for youth and women, and aligning with sustainable development objectives, the AfDB-Bloomberg partnership has the potential to shift paradigms in how development finance is mobilised across the continent.
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