The African Development Bank Group (AfDB) and Michael R. Bloomberg, Founder of Bloomberg L.P. and Bloomberg Philanthropies, as well as Chair of the Glasgow Financial Alliance for Net Zero (GFANZ), have launched a new partnership aimed at mobilizing private sector investment across Africa to drive job creation and sustainable development.

The collaboration was announced during the Bloomberg Philanthropies Global Forum, held on the sidelines of the 80th United Nations General Assembly in New York. AfDB President, Dr. Sidi Ould Tah, and Bloomberg jointly unveiled the initiative.

“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 reaffirm our commitment to work closely with the private sector and international partners to create a financial framework that serves Africa better and on its own terms.”

He emphasized that the AfDB will consolidate efforts with partners like Bloomberg to channel private sector resources into large-scale investments that will accelerate Africa’s development. Since assuming the office earlier this month, Dr. Ould Tah have outlined transforming Africa’s demographic growth into an economic engine particularly through job creation for women and youth as one of his key priorities.

Bloomberg highlighted Africa’s vast potential, noting: “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.”

The agreement will see AfDB and GFANZ convene leading global financial institutions to boost private capital flows into Africa, enhancing the continent’s growth and resilience.

According to AfDB’s 2025 African Economic Outlook, Africa requires more than $1.3 trillion to meet the Sustainable Development Goals, along with $68–$108 billion annually to bridge its infrastructure financing gap.