The World Bank Group has announced plans to increase its annual guarantee issuance in Africa to 6.4 billion dollars by 2030 through its newly launched Guarantee Platform.In a statement released on Wednesday, the institution said the initiative is expected to positively impact at least 190 million people within the next four years by unlocking private sector investment across critical sectors of the economy.
The World Bank Group Guarantee Platform serves as a centralised “one-stop shop” that brings together all guarantee and risk insurance products offered within the World Bank Group. The platform is hosted by the Multilateral Investment Guarantee Agency (MIGA) and combines the expertise and products of the World Bank, the International Finance Corporation (IFC), and MIGA.
According to the statement, the platform was created to make access to guarantees easier and faster for investors. Previously, investors had to engage different arms of the World Bank separately. With the new structure, they can now access all available guarantee products through a single channel.The bank explained that the platform simplifies procedures by removing unnecessary processes and aligning internal reviews, thereby making transactions more transparent and predictable for clients.The initiative is also expected to reduce investment risks and encourage commercial lenders to support important projects across emerging economies, especially in Africa.
The statement noted that Africa’s working age population is projected to increase by 740 million over the next 30 years, while nearly 12 million young people are expected to join the labour force every year. “Guarantees will play a critical role in attracting private capital into job-rich sectors including agribusiness, energy, infrastructure, healthcare, digital services, finance and trade.”
The bank added that the programme would help create employment opportunities and strengthen Africa’s ambition of becoming a major global growth hub.It further stated that guarantees expected to be issued over the next four years could mobilise around 23 billion dollars in private investment for development projects across the continent.Among the major programmes listed is AgriConnect, a World Bank Group initiative focused on transforming smallholder farming, improving food security and creating jobs.
Another key programme is Mission 300, a joint initiative involving the World Bank and the African Development Bank, with support from The Rockefeller Foundation, Global Energy Alliance for People and Planet, and Sustainable Energy for All.
“This initiative seeks to connect 300 million people in Africa to electricity by 2030, while creating more jobs,” the statement said.
The World Bank Group also disclosed that the guarantees could help provide electricity access to 43 million people by 2030. It added that 50 million individuals and businesses, especially women-owned enterprises, are expected to benefit from improved financial inclusion. The statement further revealed that five million people could gain access to better food and nutrition security, while digitally enabled services are projected to reach 51 million people. In addition, about 37 million people are expected to gain broadband internet access, while another three million could benefit from improved sustainable transport infrastructure and services.
Managing Director of MIGA, Tsutomu Yamamoto, said Africa remains home to the world’s youngest and fastest growing workforce, making investment support increasingly important.
“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,” Yamamoto said.
The statement noted that the Guarantee Platform was established in 2024 to consolidate guarantee products and experts from across the World Bank Group under MIGA.According to the bank, the platform offers clients a simpler and broader range of guarantee solutions designed to match different investment needs. It added that the overall target is to increase the World Bank Group’s global annual guarantee issuance to 20 billion dollars by 2030.
