New York, USA – September 29, 2025 — In a groundbreaking announcement on the sidelines of the 80th UN General Assembly in New York, the African Development Bank Group (AfDB) and Michael R. Bloomberg unveiled a new partnership aimed at significantly scaling up private sector investment across Africa.
The collaboration was jointly announced by Dr Sidi Ould Tah, President of the African Development Bank Group, and Michael Bloomberg, Founder of Bloomberg L.P. and Bloomberg Philanthropies, and Chair of the Glasgow Financial Alliance for Net Zero (GFANZ), during the Bloomberg Philanthropies Global Forum.
“Together we will consolidate our strengths for mobilizing private sector resources and unleashing investments at scale for Africa’s development,” Dr Ould Tah stated.
The initiative is strategically aligned with Dr Ould Tah’s newly unveiled priorities for the Bank, one of which is to transform Africa’s population growth into an economic engine, particularly for youth and women.
A Financial Framework Tailored to Africa
The AfDB-Bloomberg partnership seeks to build a new financial framework that better serves Africa, with emphasis on scale, credibility, and shared purpose. The institutions will engage global private financial entities to:
- Raise awareness of AfDB’s investment tools and opportunities
- Incorporate feedback from the private sector
- Develop new policy and financing innovations to facilitate greater capital flow
- Support investor engagement through the Africa Investment Forum
Bloomberg emphasized the continent’s potential:
“Africa has enormous opportunities for economic growth and innovation, and this new partnership will help unlock more of it by reducing barriers to private investment.”
Mobilizing Billions for Growth
According to the AfDB’s 2025 African Economic Outlook, Africa needs over $1.3 trillion to meet the Sustainable Development Goals, and between $68–$108 billion annually for infrastructure development. The Africa Investment Forum, an initiative founded by AfDB and key partners, is expected to play a pivotal role in accelerating project pipelines and deal closures under this new alliance.
Mary Schapiro, Vice Chair of GFANZ, added:
“This partnership will help connect African investment opportunities with the capital, tools, and innovation needed to bring them to life.”
Next Steps
In the coming months, the partnership will focus on:
- Organizing convenings between private investors and African stakeholders
- Enhancing the visibility of Africa’s most promising investment-ready projects
- Creating a pipeline of financeable opportunities aligned with Africa’s development goals
- Expanding climate-focused finance mechanisms, continuing the momentum from the AfDB-GFANZ climate action agreement signed in 2023
About the African Development Bank Group (AfDB):
AfDB is the continent’s premier development finance institution, supporting economic growth and social progress in its 54 member states. Learn more at www.AfDB.org
Contact:
Amba Mpoke-Bigg, AfDB
Email: media@afdb.org
