AfDB, Michael Bloomberg Partner to Boost Private Investment Across Africa

The African Development Bank Group (AfDB) has announced a landmark partnership with Michael R. Bloomberg, Founder of Bloomberg L.P. and Bloomberg Philanthropies, and Chair of the Glasgow Financial Alliance for Net Zero (GFANZ), to accelerate private sector investment across Africa. The initiative was unveiled on 24 September during the Bloomberg Philanthropies Global Forum, held on the sidelines of the 80th UN General Assembly in New York.

A New Era of Investment Partnerships

AfDB President Dr Sidi Ould Tah, who assumed leadership earlier this month, described the partnership as a decisive step in aligning international financial flows with Africa’s development priorities. “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.

Bloomberg echoed the sentiment, noting that Africa holds enormous opportunities for growth, innovation, and resilience, but requires stronger access to private capital. “This new partnership with the African Development Bank will help unlock more of it by reducing barriers to private investment,” Bloomberg stated.

Mobilizing Capital for Development and Jobs

The initiative will focus on mobilizing significantly larger flows of private capital into African economies, targeting sectors that generate jobs, innovation, and sustainable growth. In particular, Dr Ould Tah has emphasized transforming population growth into an engine for employment, especially for youth and women, as one of his top priorities.

Africa’s development financing needs are vast:

• More than $1.3 trillion is required to achieve the Sustainable Development Goals (SDGs).

• Between $68 billion and $108 billion annually is needed to close the continent’s infrastructure financing gap, according to the AfDB’s 2025 African Economic Outlook.

The Africa Investment Forum: A Key Platform

The partnership will leverage the Africa Investment Forum (AIF), founded by AfDB and eight other partners, which has become a central marketplace for advancing bankable projects. AIF’s goal is to transform Africa into a premier global investment destination by:

• Accelerating project development.

• Connecting investors with high-impact opportunities.

• Closing deals that deliver measurable social and economic benefits.

Through the Forum, investors will have access to a curated pipeline of opportunities across sectors such as renewable energy, infrastructure, digital transformation, agriculture, and climate resilience.

Next Steps for the Partnership

In the months ahead, AfDB and Bloomberg Philanthropies, working with GFANZ and other partners, will:

• Raise investor awareness of AfDB’s investment toolkit.

• Incorporate private sector feedback into project design.

• Explore innovative financing models to catalyze greater capital flows.

• Support policy and financial innovations that 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.”

Building on Climate Finance Collaboration

This is not the first collaboration between AfDB and GFANZ. In September 2023, the two institutions signed a letter of intent at the Africa Climate Summit in Nairobi, committing to support financial institutions across the continent in scaling up climate action.

The new agreement builds on that foundation, widening the scope from climate-focused financing to broader economic development priorities, including jobs, innovation, and infrastructure.

Unlocking Africa’s Future

As Africa faces pressing challenges—from unemployment and infrastructure deficits to climate vulnerability—this partnership represents a strategic push to unlock billions in private capital flows. By aligning international finance with African-led priorities, the AfDB and Bloomberg Philanthropies aim to transform the continent’s immense demographic and natural resources into engines of prosperity.