AfDB and Michael Bloomberg Partner to Boost Private Investment in Africa
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 announced a new partnership aimed at unlocking private sector investment across Africa.
The announcement was made on Wednesday, 24 September, during the Bloomberg Philanthropies Global Forum, held on the sidelines of the 80th United Nations General Assembly in New York.
AfDB President Dr Sidi Ould Tah, who assumed office earlier this month, said the agreement marks a “decisive step” in shaping partnerships that will help Africa mobilise resources on its own terms. “Together we will consolidate our strengths for mobilising private sector resources and unleashing investments at scale for Africa’s development,” he added.
Bloomberg emphasised Africa’s potential for economic transformation, noting: “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.”
The partnership will bring together leading global financial institutions with the AfDB to catalyse significantly greater flows of private capital for Africa’s growth, job creation and resilience. Key areas of focus will include raising investor awareness of AfDB’s mobilisation tools, identifying policy innovations to enhance investor participation, and exploring new mechanisms to channel private financing into high-impact projects.
Mary Schapiro, Vice Chair of GFANZ, underscored the importance of the initiative: “Mobilising 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.”
According to AfDB’s 2025 African Economic Outlook, the continent requires more than USD 1.3 trillion to meet the UN Sustainable Development Goals, and between USD 68 billion and USD 108 billion annually to bridge its infrastructure financing gap.
The partnership builds on earlier collaboration between AfDB and GFANZ, which began in September 2023 with a joint commitment to support climate action by financial institutions across Africa, signed at the Africa Climate Summit in Nairobi.
Through platforms such as the Africa Investment Forum, the AfDB aims to position the continent as a premier global investment destination, accelerating high-impact projects that drive inclusive and sustainable growth.
