The African Development Bank Group (AfDB) and Michael R. Bloomberg, Founder of Bloomberg L.P. and Bloomberg Philanthropies and Chair of the Glasgow Financial Alliance for Net Zero (GFANZ), have formed a new partnership to mobilize private sector investment across the African continent into areas that will boost jobs and development.
Bloomberg and the AfDB President, Dr Sidi Ould Tah, announced the move during the Bloomberg Philanthropies Global Forum, held on the sidelines of the eightieth UN General Assembly in New York.
The AfDB President said: “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.
“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”, the banker added.
- Advertisement -
Since assuming leadership of the development finance institution earlier this month, Ould Tah has identified “transforming population growth into an economic engine for job creation, particularly for women and youth”, as one of his four cardinal priority areas.
Under the new partnership, the two leaders will convene major private financial institutions together with the AfDB, to mobilise significantly greater flows of private capital for Africa’s growth and resilience.
Commenting on the collaboration, Bloomberg said: “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.”
Available data indicates that Africa needs more than $1.3 trillion to achieve the sustainable development goals and $68 to $108 billion annually for infrastructure financing, according to the African Development Bank’s 2025 African Economic Outlook report.
The Africa Investment Forum, founded by the AfDB Group and eight other partners, aims to close Africa’s investment gap by accelerating the development of projects and offering a curated platform for investors to connect, engage, and finalize deals. Its goal is to make Africa a premier global investment destination by driving high-impact projects that generate measurable development outcomes for the continent.
In the coming months AfDB and Bloomberg L.P will jointly work to raise investor awareness of the Bank’s mobilization toolkit and investment opportunities, collect and incorporate feedback from private sector partners, explore new ways the AfDB Group can catalyse the flow of greater private capital into Africa’s growing investment opportunities, delivering economic development, jobs, and innovation, and identify and support the implementation of financial and policy innovations that can enhance investor participation.
Speaking on the collaboration, Vice Chair of GFANZ and Head of the GFANZ Secretariat, Mary Schapiro, said: “Mobilizing private capital at scale is essential to unlocking Africa’s full potential for sustainable growth and resilience. This partnership will help connect African investment opportunities with the capital, tools, and innovation needed to bring them to life.”
