Michael Bloomberg, former U.S. mayor of New York City announced this week the launch of a program which aims to better media coverage across Africa. The Bloomberg Media Initiative, according to a press release, will partner with Universities in Kenya, Nigeria and South Africa as the program will be concentrated in these countries.

Through the initiative, improved media coverage is said to act as a catalyst for straightforward transparency and credible reporting. Seasoned journalists, journalism fellows and students will contribute to the initiative, which over three years is estimated to cost $10 million.

“The Bloomberg Media Initiative Africa is not only topical, timely, relevant and useful, but it is also contemporary both in structural and conceptual pluralism,” Dr. Ralph A. Akinfeleye, a University of Lagos journalism professor said in the release.

“By providing rigorous training from best-in-class faculty, media professionals and other stakeholders from the South, East and West African countries, the initiative will positively impact transparency, accountability, good governance and sustainable economic growth on the continent,” he said.

Bolstering training through education, forums and scholarships, the program’s aim is to build and strengthen the professional media community — in numbers and practice. The Ibrahim Foundation, ONE, the United Nations Economic Commission for Africa (UNECA) and the African Development Bank (AfDB) are all organization which have committed to delivering and connecting a bridge for journalists to access economic data, the release noted.

“More and well-trained journalists serve the public interest by enabling the media to provide fuller coverage of key development issues. We applaud Bloomberg for making this welcome investment in the education and training of African journalists,” Linus Gitahi, CEO of Kenya’s Nation Media Group added.

Ford Foundation president Darren Walker also agreed that the program will back all-around good governance, as well as help to push civil society organizations forward.

“We have collaborated with Bloomberg on many important initiatives in the United States, such as urban development and the transformative power of arts and culture with impressive outcomes,” he said. “The ability to bring about substantive change puts Michael Bloomberg in a distinct class embodying the best of philanthropy.”