Africa50 green infrastructure fund achieves first close at $118m
The first close of the Alliance for Green Infrastructure in Africa Project Development Fund.
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Africa50, the pan-African infrastructure investor and asset manager, has announced the first close of the Alliance for Green Infrastructure in Africa Project Development Fund (AGIA-PD) at $118 million.
Managed by Africa50, the fund aims to bring together public, commercial, and philanthropic capital to unlock early-stage investment for transformative, climate-resilient projects in Africa.
AGIA’s first close has attracted investors including the African Development Bank (AfDB), the German Development Cooperation through KfW, the West African Development Bank (BOAD), the UK's Foreign, Commonwealth & Development Office (FCDO), the Soros Economic Development Fund, and the African Climate Foundation (ACF).
The fund will be targeting investments that seek to accelerate the continent's transition to net-zero by catalysing green projects in strategic areas including energy, sustainable transport, and ICT. The AGIA-PD fund is expected to contribute to increasing the pipeline of bankable projects, catalyse private sector investment, and drive sustainable growth.
“Through this $40 million 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,” said Solomon Quaynor, vice president for private sector, infrastructure and industrialisation at the AfDB.
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."
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