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 launched a new partnership aimed at mobilizing private sector investment to drive jobs and development across Africa.
The initiative was announced Wednesday, September 24, at the Bloomberg Philanthropies Global Forum in New York, held on the sidelines of the 80th United Nations General Assembly. Bank President Dr. Sidi Ould Tah and Bloomberg outlined plans to bring major private financial institutions together with the Bank to channel greater flows of private capital into Africa’s growth and resilience.
“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.
Dr. Ould Tah, who took office earlier this month, called the collaboration a turning point. “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,” he said.
“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,” he added.
The partnership comes as Africa faces financing needs of more than $1.3 trillion to achieve the UN’s sustainable development goals and between $68 billion and $108 billion annually for infrastructure, according to the Bank’s 2025 African Economic Outlook.
As part of the collaboration, the two institutions will work to raise investor awareness of the Bank’s mobilization toolkit, collect feedback from private sector partners, and explore new ways to catalyze capital flows into Africa. They will also support financial and policy innovations to enhance investor participation.
“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 Africa Investment Forum, an initiative led by the Bank alongside eight partners, remains a cornerstone for advancing this goal by offering a platform for investors to engage and close deals on high-impact projects.
The Bank and GFANZ had previously signaled closer cooperation in September 2023, signing a letter of intent during the Africa Climate Summit in Nairobi to support climate action by financial institutions across the continent.
