Abidjan, Cote d’Ivoire — 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 launched a new partnership to mobilise private sector investment across Africa in ways that drive job creation and sustainable development.
The partnership was announced on Wednesday, 24 September, during the Bloomberg Philanthropies Global Forum held on the sidelines of the 80th UN General Assembly in New York. The announcement was made jointly by Michael R. Bloomberg and Dr Sidi Ould Tah, President of the African Development Bank Group.
“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.
He emphasised that the Bank is seeking to strengthen alliances that will unlock large-scale investment. “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 mobilising private sector resources and unleashing investments at scale for Africa’s development.”
Since assuming leadership of the Bank earlier this month, Dr Ould Tah has prioritised transforming Africa’s population growth into an economic engine for job creation, particularly for women and youth.
Under the new partnership, AfDB and GFANZ will convene major private financial institutions alongside the Bank to expand capital flows 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’s financing needs remain immense. According to the AfDB’s 2025 African Economic Outlook, the continent requires over $1.3 trillion to achieve the Sustainable Development Goals, and between $68 billion and $108 billion annually for infrastructure financing. Public-private initiatives, such as Côte d’Ivoire’s Henri Konan Bédié Toll Bridge, illustrate the transformative impact of private investment in critical infrastructure.
The Africa Investment Forum—established by AfDB and eight partners—has already provided a platform to close the continent’s investment gap by fast-tracking projects and connecting investors with opportunities.
Building on this momentum, the AfDB–Bloomberg partnership will, in the coming months, focus on raising investor awareness of the Bank’s mobilisation toolkit and pipeline of opportunities, incorporating feedback from private sector partners, exploring innovative ways to catalyse greater capital inflows into Africa’s growth sectors and supporting financial and policy innovations that enhance investor participation.
“Mobilising 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.”
This collaboration builds on an earlier engagement between AfDB and GFANZ, which began in September 2023 at the Africa Climate Summit in Nairobi, where both institutions signed a letter of intent to support climate action by financial institutions across the continent.
The new AfDB–Bloomberg partnership signals a bold step toward positioning Africa as a premier global investment destination, while advancing inclusive growth, innovation, and sustainability.