DEG And AfDB Join Forces To Catalyze Private Sector Growth In Africa

In an effort to promote private sector growth throughout Africa, the African growth Bank Group and Deutsche Investitions- und Entwicklungsgesellschaft (DEG), the Development Finance Institution and a division of KfW, have strengthened their strategic alliance.

On May 14, 2025, representatives from both organizations convened in Abidjan, Cote d’Ivoire.

Wale Shonibare, Director, Energy Financial Solutions, Policy and Regulation; Aida Ngom, Director of Private Sector Development; and representatives from the energy and private sector teams joined Solomon Quaynor, Vice President for Private Sector, Infrastructure, and Industrialization at the African Development Bank.

Rena Terfruechte, Director for Corporates in Africa, and Bernhard Tilemann, Director for West Africa, were with Roland Siller, CEO of DEG.

The two parties discussed a number of ways to strengthen cooperation and investment in the private sector during the meeting, such as private equity funds, small and medium-sized businesses, renewable energy, promoting infrastructure and industrial development throughout the continent, and ESG benchmarking as a first step toward examining mutual reliance.

“This strategic partnership with DEG represents an important pillar in our efforts to mobilize private capital for Africa’s development. Together, and along with KfW, we are creating innovative solutions that address the continent’s most pressing challenges while unlocking new opportunities for sustainable growth”, said Quaynor.

DEG, which had a portfolio in 2024 of €11.6 billion, with €3.1 billion allocated to Africa and the MENA region, has maintained a robust partnership with the Bank Group that includes as many as 20 private equity fund projects with combined commitments totaling approximately $548 million, and co-financing of renewable energy and industrial projects.

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“Our longstanding partnership with the African Development Bank continues to be a cornerstone of our Africa strategy,” said Siller. “By combining our strengths and coordinating our approaches, we can achieve greater impact and create more sustainable economic opportunities across the continent.”