The Africa Finance Corporation (AFC) and the Africa Social Security Association (ASSA) have launched a landmark initiative to channel Africa’s vast institutional savings into infrastructure, targeting as much as $1.17 trillion in long-term capital to drive growth across the continent.
The programme, Africa Saving for Growth, was unveiled on Tuesday under the Global Africa Business Initiative (GABI) at the United Nations General Assembly in New York. It brings together social security institutions from 15 countries, Morocco’s Caisse de Dépôt et de Gestion (CDG Group), and other institutional investors to expand data access, shape policy reforms, and fund private sector-led projects.
AFC’s 2025 analysis estimates that Africa’s pension funds, social security assets, sovereign wealth funds, and insurance reserves hold at least $1.17 trillion. Yet, much of it is locked in short-term, low-yield investments, leaving significant untapped potential for development.
“This initiative is about Africans coming together to put our own capital to work for Africa’s growth,” said Samaila Zubairu, President and CEO of AFC. “By joining forces, our pension funds and financial institutions can unlock new opportunities, drive development, and demonstrate the power of collective action to build the continent’s future – without compromising fiduciary duties.”
The initiative’s priorities include:
A comprehensive, open dataset on African institutional savings.
A policy reform roadmap with prudential guidelines and risk-sharing mechanisms.
Country-level savings mobilisation strategies.
Portfolio diversification to reduce dependence on government debt and boost private enterprise.
ASSA, representing social security funds worth more than $54 billion across 15 countries, will play a central role. Its Secretary General, Meshach Bandawe, called the move “a pivotal step for Africa’s long-term savings community,” consistent with the African Union’s Agenda 2063 vision of a prosperous, integrated continent.
Morocco’s CDG Group Director General, Khalid Safir, said the initiative underscores the challenge and opportunity of transforming domestic savings into engines of sustainable growth.
The Africa Saving for Growth programme will also draw lessons from successful national experiences to create replicable models for mobilising long-term savings while preserving fund sustainability.
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