The initiative, managed through the Multilateral Investment Guarantee Agency, aims to support development across key sectors while improving living conditions for about 190 million people over the next four years.

The expansion comes at a time when Africa’s labour force is expected to grow rapidly. Projections indicate that the continent’s working-age population will increase significantly over the next three decades, with up to 12 million young people entering the job market each year.

Officials say guarantees will play a central role in attracting private capital into sectors with high job creation potential, including agriculture, energy, infrastructure, healthcare, finance and digital services. The approach is designed to reduce investment risk and encourage private sector participation in development projects.

The World Bank Group expects new guarantees issued over the next four years to mobilise about $23 billion in private investment. Planned initiatives include programmes to support smallholder farming, strengthen food security and expand energy access.

One of the flagship efforts is aimed at connecting 300 million people in Africa to electricity by 2030, while also creating employment opportunities. Other initiatives will focus on expanding financial inclusion, digital connectivity and access to essential services.

By 2030, the guarantees are expected to support access to electricity for 43 million people, improve financial services for 50 million individuals and businesses and expand digital services to about 51 million people. Additional targets include improving food security for 5 million people and extending broadband connectivity to 37 million people.

Tsutomu Yamamoto, Managing Director of the Multilateral Investment Guarantee Agency, said Africa’s young and growing workforce requires significant investment to create sustainable jobs. Yamamoto said guarantees are a critical tool to attract the scale of funding needed to support long-term economic stability.

–WorldBank/ChannelAfrica–