The African Development Bank Group and Michael R. Bloomberg, Founder of Bloomberg L.P. and Bloomberg Philanthropies and Chair of the Glasgow Financial Alliance for Net Zero (GFANZ), have announced a strategic partnership aimed at mobilizing private sector investment across Africa to boost job creation and sustainable development. The announcement was made on 24 September during the Bloomberg Philanthropies Global Forum, held alongside the UN General Assembly in New York.
Dr. Sidi Ould Tah, President of the African Development Bank, highlighted that the partnership represents a commitment to collaborate with the private sector and international partners to create a financial framework tailored to Africa’s development needs. The initiative aligns with Dr. Ould Tah’s priorities, including transforming population growth into an engine for job creation, particularly for women and youth.
Under the partnership, the African Development Bank and Bloomberg will bring together major private financial institutions to increase flows of private capital for Africa’s economic growth and resilience. Michael Bloomberg emphasized that Africa holds vast opportunities for economic growth and innovation, and the collaboration will help reduce barriers to private investment on the continent.
Africa faces significant financing needs, requiring more than $1.3 trillion to achieve the Sustainable Development Goals and $68 to $108 billion annually for infrastructure projects, according to the African Development Bank’s 2025 African Economic Outlook. The Africa Investment Forum, founded by the Bank with other partners, aims to bridge the continent’s investment gap by accelerating project development and providing a curated platform for investors to engage and finalize deals, making Africa a premier global investment destination.
In the coming months, both institutions will work to raise awareness of the Bank’s investment toolkit, incorporate feedback from private sector partners, explore mechanisms to catalyze greater private capital, and support financial and policy innovations to enhance investor participation. Mary Schapiro, Vice Chair of GFANZ, emphasized that mobilizing private capital at scale is essential for Africa’s sustainable growth and resilience, and this partnership will help connect investment opportunities with the capital and tools needed to realize them.
This collaboration builds on previous efforts between the African Development Bank and GFANZ, including a 2023 agreement to support climate action by financial institutions across Africa, announced at the Africa Climate Summit in Nairobi.
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