AFC, African Social Security Association launch $1.17tn savings drive for infrastructure

The Africa Finance Corporation (AFC) and the Africa Social Security Association (ASSA) have unveiled a new continent-wide initiative aimed at mobilising Africa’s vast institutional savings into infrastructure development, potentially unlocking as much as $1.17 trillion in long-term capital.

The programme, titled Africa Saving for Growth, was launched 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 long-term capital managers to build policy frameworks, expand data access, and channel funds into private sector-led projects.

According to AFC’s 2025 analysis, Africa’s pension funds, social security assets, sovereign wealth funds, and insurance reserves collectively represent at least $1.17 trillion. However, much of this is currently tied up in short-term, low-yield instruments, leaving portfolios under-leveraged for development impact.

“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.”

Key deliverables under the programme include:

An open, regularly updated dataset on African institutional savings.

A policy reform roadmap with guidelines and risk-sharing mechanisms to enable safer infrastructure investments.

Country-level strategies to increase formal savings participation.

Diversification models to reduce over-reliance on government debt and crowd in private enterprise.

ASSA, which represents social security funds holding more than $54 billion in pension assets across 15 countries, is expected to play a central role. Its Secretary General, Meshach Bandawe, described the initiative as “a pivotal step for Africa’s long-term savings community,” aligning with the African Union’s Agenda 2063 vision for an integrated and prosperous continent.

Khalid Safir, Director General of Morocco’s CDG Group, added that African pension funds face both the challenge and opportunity of converting domestic savings into a driver of sustainable economic growth.

The Africa Saving for Growth programme will also document lessons from successful national models and seek to chart replicable strategies for shifting capital towards infrastructure, while maintaining the prudential standards required of pension and social security managers.