The World Bank Group has unveiled an ambitious plan to mobilise about $23 billion in private investment across Africa over the next four years, deepening efforts to accelerate economic transformation through expanded risk-sharing instruments and development guarantees.

The multilateral institution disclosed yesterday that the initiative would be driven through its newly consolidated Guarantee Platform, which is projected to more than double annual guarantee issuance in Africa to $6.4 billion by 2030.

According to the bank, the strategy is expected to improve the livelihoods of at least 190 million Africans within the same period by catalysing investments into critical sectors of the economy.

The initiative comes against the backdrop of Africa’s rapidly expanding population and mounting pressure on governments to create jobs and improve infrastructure. The continent’s working-age population is projected to increase by 740 million over the next three decades, while about 12 million young people are expected to enter the labour market annually.

The World Bank said guarantees would become a central instrument for attracting private investment into labour-intensive sectors such as agribusiness, energy, infrastructure, healthcare, digital services, trade and finance.

The financing framework is also expected to support major continental development programmes, including AgriConnect, which targets food security and support for smallholder farmers, as well as Mission 300, a joint initiative with the African Development Bank aimed at expanding electricity access to 300 million Africans by 2030.

Under the programme, the World Bank projects that the guarantees could help provide electricity access to 43 million people, expand financial services to 50 million individuals and businesses, particularly women-owned enterprises, connect 37 million people to broadband infrastructure, extend digitally enabled services to 51 million others, and improve sustainable transport access for an additional three million people.

Managing Director of the Multilateral Investment Guarantee Agency (MIGA), Tsutomu Yamamoto, said Africa’s youthful and expanding workforce presents a significant economic opportunity if supported with adequate investment.

“Africa remains 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.

He added that the World Bank Group remained committed to helping emerging economies strengthen structural resilience through commercial de-risking mechanisms capable of attracting large-scale private capital.

“We are delighted to announce these ambitious new commitments, which will ultimately help to build robust and stable economies that yield quality jobs in everything from agribusiness and healthcare to energy and infrastructure,” he added.