The African Development Bank Group (www.AfDB.org) and Michael R. Bloomberg, Founder of Bloomberg L.P. and Bloomberg Philanthropies and Chair of the Glasgow Financial Alliance for Net Zero (GFANZ), have formed a new partnership to mobilize private sector investment across the African continent into areas that will boost jobs and development.

Michael R. Bloomberg, Founder of Bloomberg L.P. and Bloomberg Philanthropies and Chair of GFANZ and Dr Sidi Ould Tah, President of the African Development Bank Group announced the move on Wednesday 24 September, during the Bloomberg Philanthropies Global Forum, held on the sidelines of the eightieth UN General Assembly in New York.

“Today we took a decisive step–embarking on a new journey of partnerships and collective action. 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,” said Dr Sidi Ould Tah.

 “I am glad that we have allies who believe in the importance of progressive partnerships and who are ready to work hand in hand with the African Development Bank Group. Together we will consolidate our strengths for mobilizing private sector resources and unleashing investments at scale for Africa’s development.”

Since assuming leadership of the African Development Bank earlier this month, President Ould Tah has identified “transforming population growth into an economic engine for job creation, particularly for women and youth,” as one of his four cardinal priority areas.

Under the new partnership the two leaders will convene major private financial institutions together with the African Development Bank, to mobilise 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.

Africa needs more than $1.3 trillion to achieve the sustainable development goals and $68 to $108 billion annually for infrastructure financing, according to the African Development Bank’s 2025 African Economic Outlook report.

The Africa Investment Forum (http://apo-opa.co/3KsvO0i), founded by the African Development Bank Group and eight other partners, aims to close Africa's investment gap by accelerating the development of projects and offering a curated platform for investors to connect, engage, and finalize deals. Its goal is to make Africa a premier global investment destination by driving high-impact projects that generate measurable development outcomes for the continent.

In the coming months both institutions will jointly work to:

• Raise investor awareness of the Bank’s mobilization toolkit and investment opportunities.
• Collect and incorporate feedback from private sector partners.
• Explore new ways the African Development Bank Group can catalyse the flow of greater private capital into Africa’s growing investment opportunities, delivering economic development, jobs, and innovation.
• Identify and support the implementation of financial and policy innovations that can 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.”

Across another vital sector, partnership between the Bank and GFANZ began in September 2023, with the signing of a letter of intent between African Development Bank and GFANZ to support  climate action by financial institutions across the continent (http://apo-opa.co/3In3KLo) at the Africa Climate Summit in Nairobi.