The board of directors of the African Development Bank has approved an equity investment of $10 million in the ARCH Cold Chain Solutions East Africa Fund (CCSEAF) to support the development, construction and operation of greenfield cold storage, temperature-controlled solutions and distribution facilities in East Africa.

The investment will advance the fund toward its targeted final close of $100 million by the second quarter of 2022. The fund’s first close of $30 million occurred in...