The World Bank Group has unveiled a major financial plan aimed at unlocking billions of dollars in private investment across Africa, with hopes of boosting jobs, electricity access, internet connectivity and economic growth on the continent.
In a statement released on Wednesday, the global financial institution announced plans to mobilise about $23 billion in private funding for African countries over the next four years through its expanded Guarantee Platform.
The initiative is expected to support critical sectors like agriculture, energy, healthcare, infrastructure, finance and digital technology — areas seen as key to creating jobs for Africa’s rapidly growing population.
According to the World Bank, the programme could positively impact nearly 190 million Africans within the next few years.
The institution explained that Africa is facing a major demographic shift, with millions of young people entering the labour market every year. To tackle unemployment and economic pressure, the bank believes large-scale private investment is urgently needed.
The World Bank said its guarantee system will help reduce risks for investors and encourage businesses and financial institutions to fund important development projects across the continent.
One of the major projects under the initiative is Mission 300, a partnership with the African Development Bank aimed at providing electricity to 300 million Africans by 2030.
The bank revealed that about 43 million people could gain access to electricity through the programme, while nearly 50 million people and businesses may benefit from improved financial services.
Women-owned businesses are also expected to receive stronger support under the investment plan.
Beyond power and finance, the initiative is projected to expand broadband internet access to around 37 million Africans and improve digital services for more than 50 million people.
Transportation infrastructure is also expected to receive attention, with millions set to benefit from better mobility and connectivity.
Speaking on the development, Managing Director of the Multilateral Investment Guarantee Agency (MIGA), Tsutomu Yamamoto, described Africa’s young population as a huge opportunity for global economic growth.
According to him, attracting investment into key sectors will help create sustainable jobs and strengthen African economies for the future.
The World Bank’s Guarantee Platform, launched in 2024, was designed to simplify investment processes by bringing together experts from different World Bank institutions under one system.
The platform is expected to make it easier for commercial lenders and investors to support large-scale projects in developing countries without facing excessive bureaucratic hurdles.
Analysts say the success of the initiative could significantly shape Africa’s economic future, especially as governments across the continent continue searching for solutions to unemployment, energy shortages and poor infrastructure.
Source: Statement released by the World Bank Group.
