The African Development Bank Group and leading representatives of Africa’s private sector have agreed to strengthen dialogue and deepen collaboration to drive the continent’s development.

The new AfDB president, Sidi Ould Tah, in a statement, said this at a high-level meeting of captains of industry from across West, Central, and North Africa in Abidjan.

The session came a day after the opening of the 13th CGECI Academy, hosted by the Confédération générale des entreprises de Côte d’Ivoire.

The AfDB boss reiterated the crucial role of the private sector in Africa’s growth agenda.

“Africa will either develop with the private sector, or it will not develop at all. The Bank Group intends to provide leadership in shaping a new African financial architecture.

“My vision is to mobilise a wider pool of investments from private-sector partners, multilateral institutions, and regional development banks. This is to help close Africa’s annual financing gap of over $400 billion,” he said.

According to Tah, the Bank aims to multiply every dollar of capital raised into $10 worth of transformative investments through innovative financing tools and risk-mitigation strategies.

Private-sector leaders at the meeting, including Ahmed Cissé, President of CGECI, and Célestin Tawamba, President of the Groupement des Entreprises du Cameroun, welcomed the renewed partnership.

They described the dialogue with the AfDB as a “paradigm shift” that offered hope for stronger support in areas such as financing, capacity-building, and guarantee mechanisms to strengthen local banks.

The participants agreed to maintain open channels of communication with AfDB country offices to sustain momentum and shape future collaboration.

Tah is also scheduled to continue engagement with African business leaders at the Africa Investment Forum in Rabat, Morocco, from November 26 to 28, 2025.

(NAN)