The World Bank Group Guarantee Platform has announced plans to more than double its annual guarantee issuance in Africa to $6.4 billion by 2030, in a major push aimed at attracting private investment, creating jobs, and improving the lives of millions across the continent.
The initiative, housed at the Multilateral Investment Guarantee Agency (MIGA), is expected to mobilize $23 billion in private capital for Africa over the next four years through investments in key sectors including agribusiness, energy, infrastructure, health care, digital technology, finance, and trade.
According to the World Bank Group, the expanded guarantees are intended to support Africa’s rapidly growing workforce, with the continent’s working-age population projected to increase by 740 million over the next three decades.
Up to 12 million young people are expected to enter the labor force every year during that period, intensifying the need for job creation and economic growth.
The guarantees will support several flagship initiatives, including AgriConnect, a World Bank Group program designed to transform smallholder farming, strengthen food security, and create employment opportunities.
Another major initiative is Mission 300, a partnership between the World Bank Group and the African Development Bank that aims to connect 300 million people in Africa to electricity by 2030.
The initiative is supported by The Rockefeller Foundation, the Global Energy Alliance for People and Planet, and Sustainable Energy for All.
By 2030, the guarantees are expected to benefit approximately 190 million people across Africa.
The World Bank Group estimates that the program could provide electricity access to 43 million people, improve financial inclusion for 50 million people and businesses, particularly women-owned enterprises, and strengthen food and nutrition security for 5 million people.
The initiative is also expected to expand digitally enabled services to around 51 million people, connect 37 million people to broadband internet, and improve access to sustainable transport infrastructure and services for an estimated 3 million people.
Tsutomu Yamamoto, Managing Director of MIGA, said Africa’s youthful and fast-growing workforce presents enormous economic potential, but stressed that investment is essential to creating the jobs needed for long-term stability and growth.
“Africa is home to the world’s youngest and fastest-growing workforce, and guarantees will play a critical role in attracting the investment to create the jobs needed to secure their future,” Yamamoto said.
“These commitments will help build robust and stable economies that yield quality jobs in everything from agribusiness and health care to energy and infrastructure.”
The World Bank Group Guarantee Platform was launched in 2024 to consolidate guarantee products and expertise from across the institution under MIGA.
The platform is designed to simplify access to guarantee solutions, streamline processes, and reduce investment risks in developing countries. Its broader goal is to increase the World Bank Group’s annual guarantee issuance globally to $20 billion by 2030.
