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. Announced on 24 September at the Bloomberg Philanthropies Global Forum on the sidelines of the 80th UN General Assembly in New York, the partnership aims to boost jobs and development across the continent.
Dr Sidi Ould Tah, president of the African Development Bank Group, said the collaboration marks a significant step toward creating a financial framework that serves Africa’s needs on its own terms. “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 large‑scale investments for Africa’s development. The Bank estimates that the continent needs over $1.3 trillion to achieve the Sustainable Development Goals and $68‑$108 billion annually for infrastructure financing. By convening major private financial institutions, the initiative seeks to generate 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 unlock more of it by reducing barriers to private investment,” Bloomberg said. In the coming months, the Bank and Bloomberg will raise investor awareness of the Bank’s mobilization toolkit and investment opportunities, gather feedback from private‑sector partners, and explore new ways to catalyze private capital into Africa’s expanding markets. The partnership will also identify and support financial and policy innovations that can enhance investor participation.
Mary Schapiro, vice chair of the Glasgow Financial Alliance for Net Zero (GFANZ) and head of its Secretariat, emphasized the importance of scaling private capital: “This partnership will help connect African investment opportunities with the capital, tools, and innovation needed to bring them to life.” The African Development Bank’s collaboration with GFANZ began in September 2023 with a letter of intent to support climate action by financial institutions across the continent.
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