The World Economic Forum and the Development Assistance Committee of the Organization for Economic Co-Operation and Development have announced the launch of an initiative to help developing countries accelerate their economic growth and progress.

The Redesigning Development Finance Initiative will bring together governments, development finance institutions, development assistance providers, and private-sector investors to expand the pool of capital available for economic development in key sectors, including infrastructure, agriculture, and energy. With an initial focus on investment in Africa, the partnership will work to boost cooperation among stakeholders and enhance the delivery of development finance through the deployment of risk mitigation and concessional finance tools; increase understanding of the existing landscape of blended finance models; build consensus around the value and opportunities that different actors bring to the table; determine which models have the highest potential to unlock other forms of capital; and define capabilities and partnerships that can mobilize and scale high-value development models.

The initiative will be led by a steering group chaired by Christian Paradis, Canada's minister of international development. Other members of the group include Julie Sunderland, director of program-related investments at the Bill & Melinda Gates Foundation; Charlotte Petri Gornitzka, director-general of the Swedish International Development Cooperation Agency; Gavin Wilson, CEO of IFC Asset Management Company; Thomas Speechley, CEO of Abraaj North America; and Dale Mathias, chair of Partners Forum for Private Capital Group for Africa, U.S. Agency for International Development.

"While every sector is striving to maximize the benefits and returns on their contributions, there's a growing consensus that harnessing these resources more strategically is critical to achieving their full potential for impact towards social progress and sustainable development," said Paradis. "As we look to the post-2015 development goals we need to not only leverage the opportunities inherent in innovative partnerships, but we also need to better coordinate financing models and approaches if we are to achieve our ambitious targets."