Infrastructure Climate Resilient Fund lands $253m commitment
Africa Finance Corporation, an African infrastructure solutions provider, and its asset management unit AFC Capital Partners have secured a $253 million commitment from the Green Climate Fund (GCF) towards its inaugural offering, the Infrastructure Climate Resilient Fund (ICRF).
The GCF’s junior first-loss equity investment into ICRF marks its single largest equity investment in Africa to date. With a target fund size of $750 million, ICRF is a finance instrument established to climate proof Africa’s infrastructure by integrating scientific climate-resilient measures in the planning, design, development, construction and operation of infrastructure assets in alignment with the Paris Agreement on climate change.
Through ICRF, AFC Capital Partners will finance greenfield and brownfield infrastructure that is planned, designed, built and operated in a way that anticipates, prepares for, and adapts to the continent’s changing climate conditions. ICRF will co-invest with AFC in opportunities that fit the fund’s climate mandate and investment criteria, with a focus on climate-resilient transport and logistics, energy systems, economic zones, and telecommunication and digital infrastructure.