The African Development Bank Group (AfDB) and Mr Michael Bloomberg, founder of Bloomberg, have formed a new partnership to mobilise private sector investment across the African continent into areas that will boost jobs and development.
This was announced jointly by Mr Bloomberg, founder of Bloomberg L.P. and Bloomberg Philanthropies and Chair of GFANZ and Mr Sidi Ould Tah, AfDB President, during the Bloomberg Philanthropies Global Forum, held on the sidelines of the eightieth UN General Assembly in New York recently.
Under the new partnership, the two leaders will convene major private financial institutions with the AfDB to mobilise significantly greater flows of private capital for Africa’s growth and resilience.
Some of the planned steps in the coming months include raising investor awareness of the bank’s mobilisation toolkit and investment opportunities, collecting and incorporating feedback from private sector partners, and exploring new ways the AfDB can catalyse the flow of greater private capital into Africa’s growing investment opportunities, delivering economic development, jobs, and innovation.
It will also seek to identify and support the implementation of financial and policy innovations that can enhance investor participation.
Since assuming leadership of the bank earlier this month, President Ould Tah has identified “transforming population growth into an economic engine for job creation, particularly for women and youth,” as one of his four cardinal priority areas.
“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 Mr Ould Tah.
“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.”
On his part, Mr Bloomberg said, “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.”