The African Development Bank Group and Michael R. Bloomberg, founder of Bloomberg L.P. and Bloomberg Philanthropies and Chair of the Glasgow Financial Alliance for Net Zero (GFANZ), announced a new partnership to drive private sector investment across Africa.
The announcement was made during the Bloomberg Philanthropies Global Forum, held alongside the 80th UN General Assembly.
The partnership aims to mobilize significant private capital to foster job creation and sustainable development in Africa. Dr. Sidi Ould Tah, who recently assumed leadership of the African Development Bank, emphasized transforming population growth into an economic engine, particularly for women and youth, as a key priority.“Together, we will consolidate our strengths for mobilizing private sector resources and unleashing investments at scale for Africa’s development,” Tah said.
Africa faces a substantial financing gap, requiring over $1.3 trillion to meet sustainable development goals and $68 to $108 billion annually for infrastructure, according to the African Development Bank’s 2025 African Economic Outlook report. The new collaboration will convene major private financial institutions to channel capital into high-impact projects that enhance growth and resilience.
“Africa has enormous opportunities for economic growth and innovation, and this partnership will help reduce barriers to private investment,” Bloomberg stated. The initiative will leverage the African Development Bank’s expertise and Bloomberg’s global financial networks to unlock the continent’s potential.
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The partnership will focus on raising investor awareness of the Bank’s mobilization tools, gathering private sector feedback, and exploring innovative financial and policy solutions to boost investment. The Africa Investment Forum, founded by the Bank and eight partners, will play a key role in connecting investors with curated projects to close Africa’s investment gap.
Mary Schapiro, Vice Chair of GFANZ, highlighted the importance of mobilizing private capital at scale to achieve sustainable growth. “This partnership will help connect African investment opportunities with the capital, tools, and innovation needed to bring them to life,” she said.
