By Obinna Uballa
The Africa Finance Corporation (AFC) and the Africa Social Security Association (ASSA) say they are hoping to drive content wide growth with the launch of an initiative designed to channel Africa’s vast pool of institutional savings into long-term infrastructure.
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 aims to redirect part of the continent’s $1.17 trillion in institutional assets, largely held by pension funds, social security institutions, insurance reserves and sovereign wealth funds—towards projects that connect countries, boost productivity, and improve quality of life.
Much of this capital is currently tied up in low-yield, short-term instruments, limiting its impact on Africa’s development. The new initiative seeks to change that by creating safer, structured pathways for institutional investors to participate in transformative infrastructure projects without compromising fiduciary duties, a statement from the organisations said.
“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.”
The programme sets out clear deliverables, including a policy reform roadmap, a database of Africa’s capital pools, country-level mobilisation strategies, and diversification models to shift portfolios away from excessive exposure to government debt, according to the statement.
ASSA, which represents social security funds across 15 countries with more than $54 billion in pension assets, will play a central role. Its Secretary General, Meshach Bandawe, said the alliance reflects the ambition of the African Union’s Agenda 2063 to create a prosperous, inclusive, and well-connected continent, the statement noted.
Khalid Safir, Director General of Morocco’s CDG Group, stressed that harnessing domestic savings for infrastructure is critical for transforming African economies into engines of sustainable growth.
