Insurer Allianz has led the Emerging Africa & Asia Infrastructure Fund’s (EAAIF) $325m (€384.6m) debt raise with a €100m commitment.
EAAIF, an impact debt finance fund managed by Ninety One, said it secured the capital from multiple investors, including Allianz Global Investors on behalf of its insurer parent, South African financial services firm ABSA with $75m and Standard Bank which added $50m to existing facilities.
Other contributors included Sumitomo Mitsui Banking Corporation (SMBC) providing a $50m credit facility and Sweden’s development finance institution Swedfund committing €40m, the Private Infrastructure Development Group (PIDG) company added.
The latest debt package adds to the $294m capital raise EAAIF secured in 2024, bringing recent commitments to $620m and exceeding the fund’s $500m target ahead of schedule, EAAIF said.
EAAIF, which targets assets that advance digital economies, scale transition infrastructure and reshape power markets, said the new debt finance package will help it make $1bn worth of investments across Africa and Asia by 2028.
Martijn Proos, co-head of emerging market alternative credit at Ninety One and MD for EAAIF, said: “These successful subsequent debt raises highlight global investors’ confidence in EAAIF’s ability to create attractive investment solutions that seize untapped opportunities in fast-growth markets.
“By strengthening our capital base and diversifying our funding sources, we are favourably positioned to drive business growth and economic transformation through private infrastructure debt investment in pioneering infrastructure. We thank Allianz, ABSA, Standard Bank, SMBC and SwedFund for their continued support.”
Philippe Valahu, CEO of PIDG, said: “As a PIDG company, EAAIF is driven by a vision of delivering essential infrastructure that unlocks economic opportunities in the markets where we invest.
“This milestone is a significant step forward for PIDG, which aims to deliver $9bn in new commitments for infrastructure and mobilise $25bn in additional finance by 2030.”
Maria Håkansson, CEO of Swedfund, said: “The EAAIF has a critical role to play in financing high-impact infrastructure projects across Africa, while challenging risk perceptions around African infrastructure investment and mobilising private capital.
“This is essential to closing the financing gap and building capital markets to achieve better environmental and social impact.”
Neha Bantha, EVP for leveraged finance at Standard Bank corporate and investment banking said: “We are proud to be part of this consortium which will enable funding for strategic infrastructure projects that underline our broader purpose, to drive Africa’s growth.
“This transaction forms a cog in our broader wheel of innovative financing and objective to deliver structured capital solutions that help our partners and clients deliver for the continent and we look forward to future partnership opportunities that leverage Africa’s immense potential.”
Nisrin Abouelezz, MD and head of Africa group of SMBC said: “SMBC is pleased to partner with EAAIF in this year’s debt raise which aligns well with SMBC’s own strategy for sustainability and social value creation.
“SMBC continues to support our clients as they further global energy transition, while supporting social infrastructure and value creation on the African and Asian continent.”
Shyam Ganda, director - global finance, ABSA, said: “As a Pan-African bank, Absa is proud to partner with EAAIF in supporting projects which will accelerate infrastructure development for lasting impact - bridging Africa and Asia’s long-term financing gap, whilst supporting economic growth and renewable energy expansion.”
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