EIB Global commits €10m to Incofin water investment fund
The Water Access Acceleration Fund is a water-focused blended finance impact fund.
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EIB Global’s Water Sector Fund has committed €10 million to the Water Access Acceleration Fund (W2AF), managed by Incofin.
W2AF is a water-focused blended finance impact fund targeting sustainable and scalable solutions that improve access to safe, affordable drinking water for underserved populations, mainly in sub-Saharan Africa and South and Southeast Asia. (Read more: Investor reveals opportunities in Africa’s drinking water sector)
The €10 million anchor investment by EIB Global, an arm of the European Investment Bank, will secure other investments, attract more private investors to W2AF. Through the fund, EIB Global will support innovative water businesses.
This support to W2AF represents the first fund investment by the Water Sector Fund, a trust fund established in partnership with the Dutch government and managed by EIB Global.
EIB vice-president, Robert de Groot remarked, “This investment showcases our joint commitment to enhancing access to safe, affordable drinking water for all. Innovative financial and technical solutions are needed. The W2AF is an excellent example, funnelling water investments to the regions that need it most and helping build the private water ecosystem in emerging markets in Africa and Asia. I extend my gratitude to the Dutch government for their vital support, making this impactful endeavour possible.”
Incofin chairman, Loïc De Cannière stated, “We thank the EIB and the Dutch Water Sector Fund for joining W2AF, together with our diverse investors from Europe and the United States. W2AF is a pioneering, first-ever equity impact fund for the drinking water sector in the Global South. Incofin aspires to make the impact of this fund a success, and an example for other investors. By doing so, it will pave the way for more water funds, helping millions of people around the world access drinkable water, which is a key Sustainable Development Goal and a fundamental human right.”
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