These are unique times for Africa. The continent’s decade-long growth before, and impressive recovery after, the global financial crisis, has led to considerable optimism about the prospects for sustained growth and poverty reduction. This strong performance has been fuelled by a significant increase in investment from a wide range of partners, including the private sector, non-traditional donors like China and India, and a growing community of global and African-funded foundations.

The current dynamism on the continent, and the emergence of new development partners, prompted the World Bank to review and renew its strategy for Africa this year. The new strategy has two pillars -- competitiveness and employment, and vulnerability and resilience – and a foundation of strong governance and public-sector capacity. To support the implementation of the strategy, the World Bank is focusing more on leveraging partnerships and knowledge, in addition to traditional financing instruments.

Since foundations are an increasingly important source of knowledge, capacity building, and financing in Africa, The Tony Elumelu Foundation and World Bank hosted a convening of African-funded philanthropic organisations on to discuss the continent’s philanthropy landscape. The meeting reviewed the priorities and programs of African-funded foundations, with participants deliberating opportunities for specific collaborations as well as ensuring an effective enabling policy and legal framework for philanthropy at the country level.

The meeting agreed on a series of steps for knowledge sharing and program collaboration to accelerate the growth of the African philanthropic sector – which are summarised as the ‘Ikoyi Initiative’, a nod to the location of what is now being considered a historic first convening of its kind for philanthropy in Africa.

For more information, please visit http://www.worldbank.org/afr