The African Development Bank Group has partnered with Michael R. Bloomberg, Founder of Bloomberg L.P. and Bloomberg Philanthropies, to mobilize private sector investment in Africa. The partnership aims to boost jobs and development across the continent. The announcement was made on September 24 during the Bloomberg Philanthropies Global Forum, held on the sidelines of the 80th UN General Assembly in New York.
According to Dr. Sidi Ould Tah, President of the African Development Bank Group, the partnership marks a significant step towards creating a financial framework that serves Africa’s needs. “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. The partnership will focus on mobilizing private sector resources and unleashing investments at scale for Africa’s development.
The African Development Bank estimates that Africa needs over $1.3 trillion to achieve the Sustainable Development Goals and $68 to $108 billion annually for infrastructure financing. The new partnership will convene major private financial institutions to mobilize significantly greater flows of private capital for 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.
In the coming months, the African Development Bank and Bloomberg will work together to raise investor awareness of the Bank’s mobilization toolkit and investment opportunities, collect feedback from private sector partners, and explore new ways to catalyze the flow of private capital into Africa’s growing investment opportunities. The partnership will also identify and support the implementation of financial and policy innovations that can enhance investor participation.
The partnership is significant, as 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,” said Mary Schapiro, Vice Chair of the Glasgow Financial Alliance for Net Zero (GFANZ) and Head of the GFANZ Secretariat. The partnership between the African Development Bank and GFANZ began in September 2023, with the signing of a letter of intent to support climate action by financial institutions across the continent.
