EIB backs Pembani Remgro and Seedstars Africa funds
The European Investment Bank has announced significant new commitments.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
The European Investment Bank (EIB) has announced significant new commitments to drive sustainable development and economic inclusion across Africa at the 2024 Africa Investment Forum (AIF) held in Rabat, Morocco from 4 to 6 December.
The EIB has committed $80 million to the Pembani Remgro Infrastructure Fund II (PRIF II), its largest-ever investment in an African fund. PRIF II focuses on transformative infrastructure projects – including renewable energy, digital infrastructure and transportation – that advance climate action and sustainable development across sub-Saharan Africa.
This investment supports the EU Global Gateway strategy, which aims to mobilise €300 billion for global infrastructure, with half dedicated to Africa by 2027. By leveraging EIB participation, the fund manager has exceeded its target size, reaching $355 million in total commitments, enhancing its capacity to deliver on the ground.
The EIB and the African Development Bank (AfDB) have jointly invested in Seedstars Africa Ventures Fund I, a $30 million initiative to provide risk capital to African startups. This fund, supported by the Boost Africa programme, promotes digitalisation and innovation while prioritising gender inclusion and entrepreneurship.
By leveraging expertise from Seedstars, a global technology hub network, and LBO France, a leading European private equity firm, the fund addresses a critical financing gap in Africa's startup ecosystem.
EIB vice-president Ambroise Fayolle said: “Our investments in Pembani Remgro Infrastructure Fund II and Seedstars Africa Ventures reflect the EIB’s strong commitment to Africa. Through the Global Gateway and EIB Global, we align our efforts with Africa’s development priorities, addressing critical needs in infrastructure, innovation and climate action.”
Stay ahead in Africa's private equity and venture capital sector with Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe here