Infrastructure fund lands $20m from African Development Bank
Infrastructure fund lands $20m from African Development Bank
The AfDB has made a $20 million equity investment in the African Infrastructure Investment Managers fund.
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The African Development Bank has signed a $20 million equity investment in the African Infrastructure Investment Fund 4 (AIIF4), managed by African Infrastructure Investment Managers.
AIIF4, with a 13-year term and a five-year investment period, has completed its first closing at circa $230 million, attracting international investors. To date, the fund has raised more than the $500 million target, with the final close expected to be concluded in Q3 2024.
"By providing this scarce private equity investment to AIIM to bridge the infrastructure financing gap in Africa, the bank is reinforcing its commitment and support to developing infrastructure in Africa to private sector participation. Therefore, our confidence in AIIM as a fund manager is renewed and strong, given its proven expertise and track record in driving impactful investments," said Mike Salawou, director for infrastructure, cities and urban development at the African Development Bank.
African Infrastructure Investment Managers have transacted an initial portfolio and identified a robust pipeline of investment opportunities in renewable energy, digital infrastructure, and ports and logistics assets in South Africa, Kenya, and Morocco. They are also actively screening deals in Egypt, Côte d’Ivoire and Senegal, among others.
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