NEW YORK, NY September 24 – Michael R. Bloomberg, Founder of Bloomberg L.P. and Bloomberg Philanthropies and Chair of the Glasgow Financial Alliance for Net Zero (GFANZ), and Dr. Sidi Ould Tah, President of the African Development Bank Group (AfDB), today announced a new partnership to mobilize private sector investment across the African continent.
“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,” said Michael R. Bloomberg, Founder of Bloomberg L.P. and Bloomberg Philanthropies and Chair of GFANZ.
The announcement was made at the Bloomberg Philanthropies Global Forum, where Dr. Sidi Ould Tah and Mike Bloomberg outlined plans to convene leading private financial institutions together with the AfDB to unlock significantly greater flows of private capital for Africa’s growth and resilience.
“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, President of the AfDB. “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.”
Africa requires hundreds of billions of dollars in investment annually to strengthen sustainable economic growth, improve livelihoods, adapt to climate-related impacts, and achieve development goals. This will require mobilizing capital from a wide range of private sector investors and financial institutions, both African and international. The AfDB has long partnered with private sector investors to mobilize investment, and under Dr. Tah’s leadership, has continued to explore how to scale and improve risk-sharing mechanisms and innovative financial products that make investment opportunities more viable.
“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. Together, we can accelerate solutions that deliver economic development and jobs, ensuring Africa’s transition is both ambitious and inclusive.”
The partnership with AfDB will be implemented through GFANZ, building on a letter of intent signed at the Africa Climate Summit in Nairobi that laid the groundwork for the two organizations to collaborate on mobilizing investment and expanding local access to capital. Anchored in the GFANZ Africa Network, the initiative will combine global reach with local partnerships to attract investment and strengthen African capital markets.
In the coming months, AfDB and GFANZ will jointly work to:
- Raise investor awareness of AfDB’s mobilization toolkit and investment opportunities.
- Collect and incorporate feedback from private sector partners.
- Explore new ways AfDB can mobilize 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.
Dr. Mahmoud Mohieldin, Chair of the GFANZ Africa Network Advisory Board and UN Special Envoy on Financing the 2030 Sustainable Development Agenda, will help lead this joint effort in close collaboration with AfDB leadership to ensure the effective and impactful implementation of the partnership.
This partnership underscores a shared commitment to accelerating Africa’s sustainable development. By combining the AfDB’s track record in innovative finance with GFANZ’s convening power and technical expertise, the partnership aims to unlock new pathways for investment that deliver growth, resilience, and opportunity across the continent.
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About GFANZ
The Glasgow Financial Alliance for Net Zero (GFANZ) is an independent, private-sector-led initiative focused on mobilizing capital and removing barriers to investment in the global transition.
GFANZ brings together financial sector firms that recognize the opportunity created by the transition – including banks, insurers, asset owners, asset managers, and service providers. It helps drive transition finance and unlock private capital at scale through support for capacity building and the development of innovative financing opportunities and solutions.
A Principals Group composed of executives from major firms approves the strategic direction of GFANZ, which is globally active through its Regional Networks in Africa, Asia Pacific, and Latin America & Caribbean, as well as Chapters in Brazil, the Caribbean, Japan, and Hong Kong.
Media contact: press@gfanzero.com
About the African Development Bank Group
The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 44 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states.
For more information: www.afdb.org