Pan-African infrastructure manager Africa50 has secured an initial $118m (€101.2m) for its green infrastructure projects development fund, which has a total fundraising target of up to $400m.
Africa50 said the Alliance for Green Infrastructure in Africa Project Development Fund’s (AGIA-PD) first close was backed by investors including the African Development Bank, the German Development Cooperation through KfW, the West African Development Bank (BOAD), the UK’s Foreign, Commonwealth & Development Office, the Soros Economic Development Fund and the African Climate Foundation.
AGIA-PD is also supported by the Three Cairns Group through its partner, The African Climate Foundation.
AGIA-PD will focus on investing in sectors including energy, sustainable transport and information & communication technology, with a plan to increase the pipeline of bankable projects, attract private sector investment and drive sustainable growth.
Solomon Quaynor, VP for private sector, infrastructure and industrialisation, the African Development Bank, said: “Through this $40m spanning grants, junior equity, and commercial equity, the African Development Bank is pioneering a comprehensive approach that will unlock Africa’s vast green infrastructure potential.
“This investment represents more than capital. It is a bold declaration that the bank stands ready to share early-stage risk alongside our partner. The resources will be deployed for co-developments with both emerging and established developers, ensuring a diverse and scalable pipeline. Our blended-finance model is designed to mobilise billions in private-sector investment for Africa’s low-carbon and climate-resilient infrastructure.”
Africa50 CEO, Alain Ebobissé, said: “Since the unveiling of the initiative at COP27, AGIA has moved from ambition to execution, and this first close of the AGIA Project Development Fund is a powerful testament to that progress. We are deeply grateful to our founding partners and investors for their trust and commitment.
“By unlocking early-stage project development capital, AGIA will help accelerate the development of bankable green infrastructure projects, strengthen local capacity, and pave the way for a more sustainable, resilient, and prosperous Africa. Africa50 is proud to serve as fund manager and drive this vital initiative forward.”
Serge Ekue, president and chairman of BOAD, said: “BOAD’s commitment to supporting Africa50 in implementing AGIA reaffirms our dedication to closing Africa’s infrastructure gap and fostering private sector investment in innovative projects.
“This contribution is poised to drive sustainable development across the West African Economic and Monetary Union member states and the continent at large.”
Jenny Chapman, the UK minister of state for development, said: “We are partnering with countries to unlock private investment in the places hardest hit by climate change. This is good news for local communities, helping create growth, and for the UK.
“Today’s UK investment will support African-led projects like solar farms and water treatment plants, helping build stronger economies which can deal better with the effects of climate change.”
Georgia Levenson Keohane, CEO of the Soros Economic Development Fund, said: “The Soros Economic Development Fund is proud to support the Alliance for Green Infrastructure in Africa, a critically important Africa-led partnership to catalyze transformative green infrastructure projects that enhance climate resilience, accelerate a just energy transition, and drive inclusive, sustainable development across the continent.”
Mark Gallogly, co-founder of Three Cairns, said: “The lack of bankable projects remains a persistent barrier to scaling clean energy and climate-resilient infrastructure across Africa.
AGIA’s first close marks a significant milestone in tackling this challenge. We are proud to support this effort and to see catalytic capital flow into early-stage project development — a critical enabler for unlocking economic vitality on the continent.”
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