Bloomberg and AfDB Launch Initiative to Draw Investment into Africa

Michael Bloomberg has partnered with the African Development Bank to enhance private sector investment in Africa.

This collaboration seeks to engage global companies and investors to increase awareness of Africa’s opportunities and assist the AfDB, the continent’s primary multilateral lender, in directing more funds into sectors that promote job creation and development.

“Africa holds vast potential for economic growth and innovation, and this new alliance with the African Development Bank will facilitate the unlocking of more of these opportunities by minimizing obstacles to private investment,” Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies, stated on Wednesday.

The initiative, rolled out through the Glasgow Financial Alliance for Net Zero, was unveiled at the Bloomberg Philanthropies Global Forum in New York.

Africa needs hundreds of billions of dollars annually to support sustainable development, enhance livelihoods, and adapt to climate change, according to the announcement.

The aim is to “establish a financial framework that better serves Africa — and on its own terms,” said Sidi Ould Tah, president of the AfDB.

Bloomberg LP is the parent organization of Bloomberg News.

During the same forum, 17 African nations pledged to expand access to electricity for their populations, as part of an AfDB-World Bank initiative to connect 300 million Africans to power by 2030.

The count of countries now participating in the initiative has reached 29, as noted by World Bank President Ajay Banga, who attended the forum.

“Electricity is the foundational building block for jobs, enterprise, and dignity,” Banga remarked. “Access to electricity is a human right, and we must take action.”

© 2025 Bloomberg

Stay updated with Moneyweb’s comprehensive finance and business news on WhatsApp here.