AfDB President Sidi Ould Tah (left) and Michael R. Bloomberg (right), Founder of Bloomberg L.P. and and Chair of the Glasgow Financial Alliance for Net Zero (GFANZ). New York, September 2025
The African Development Bank Group and Michael R. Bloomberg, Founder of Bloomberg L.P. and Bloomberg Philanthropies, have announced a new partnership aimed at mobilizing greater private sector investment across Africa.
The initiative seeks to drive job creation, economic development, and innovation by reducing barriers to private capital.
The announcement was made on 24 September during the Bloomberg Philanthropies Global Forum, held on the sidelines of the eightieth United Nations General Assembly in New York.
Dr. Sidi Ould Tah, President of the African Development Bank Group, joined Bloomberg in unveiling the collaboration.
A New Era of Partnerships
“Today we took a decisive step, embarking on a new journey of partnerships and collective action,” said Dr. Ould Tah.
“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.”
Since assuming leadership of the Bank earlier this month, Ould Tah has emphasized transforming Africa’s rapid population growth into an engine of job creation, particularly for women and youth.
The new partnership, he said, will strengthen the Bank’s ability to deliver on this agenda.
“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,” Ould Tah added.
“Together we will consolidate our strengths for mobilizing private sector resources and unleashing investments at scale for Africa’s development.”
Bloomberg echoed this commitment, noting Africa’s untapped potential.
“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,” he said.
Bridging the Financing Gap
The African Development Bank estimates that Africa requires more than $1.3 trillion to achieve the Sustainable Development Goals and between $68 billion and $108 billion annually to finance its infrastructure needs.
Mobilizing private capital is seen as essential to bridging these financing gaps and unlocking the continent’s full potential.
Mary Schapiro, Vice Chair of GFANZ and Head of the GFANZ Secretariat, underscored this point.
“Mobilizing private capital at scale is essential to unlocking Africa’s full potential for sustainable growth and resilience,” she said.
“This partnership will help connect African investment opportunities with the capital, tools, and innovation needed to bring them to life.”
Next Steps
As part of the new collaboration, the African Development Bank and Bloomberg Philanthropies will convene major private financial institutions together with the Bank to accelerate capital flows into African markets.
Their joint work will focus on:
- Raising investor awareness of the Bank’s mobilization toolkit and pipeline of investment opportunities.
- Gathering feedback from private sector partners to refine approaches.
- Exploring new mechanisms to catalyze greater flows of private capital into African economies.
- Supporting the design and implementation of financial and policy innovations that can expand investor participation.
This builds on an existing relationship between the African Development Bank and GFANZ.
In September 2023, during the Africa Climate Summit in Nairobi, the two parties signed a letter of intent to support climate action by financial institutions across the continent.
Strengthening Africa’s Investment Ecosystem
The partnership is also expected to complement the Africa Investment Forum, a flagship platform founded by the African Development Bank and eight other partners.
The Forum works to close Africa’s investment gap by accelerating the development of projects, facilitating investor connections, and ensuring deals are structured for success.
Its overarching goal is to position Africa as a premier global investment destination, delivering measurable development outcomes for the continent.
By joining forces, the African Development Bank and Bloomberg aim to address systemic financing barriers while creating an enabling environment for private sector-led growth.
The collaboration signals a stronger push toward aligning African investment opportunities with global capital pools, while ensuring that solutions are rooted in the continent’s own development priorities.
