Pembani Remgro Infrastructure Fund II lands new LP
The board of directors of the African Development Bank (AfDB) has approved a $20 million investment in the Pembani Remgro Infrastructure Fund II. The fund seeks to raise up to $400 million from private, commercial or institutional investors to invest in industrial and infrastructure projects in Africa.
The Pembani Remgro Infrastructure Fund II will invest in companies based in some of sub-Saharan Africa’s leading economies, namely, South Africa, Kenya, Ghana, Nigeria, and Angola. Others are Uganda, Zambia, Mozambique, Botswana, Namibia, Côte d’Ivoire, Sierra Leone, Ethiopia, and Rwanda.
Funds raised by the Pembani Remgro Infrastructure Fund II will be invested in such industrial and infrastructure projects as digital infrastructure, the energy transition (i.e. renewable energies), logistics and transport, waste recovery, heating, ventilation and air conditioning, with a focus on energy efficiency.
Abdu Mukhtar, director of the industrial and trade development department at the African Development Bank said, “The bank’s operations help capital investment funds like the Pembani Remgro Infrastructure Managers to mobilise investments aimed at industrial and infrastructure projects on the [African] continent. These [operations] contribute to economic growth and job creation, improving business efficiency, mitigating the effects of climate change and improving levels of health and education.”
Pembani Remgro Infrastructure Managers manages the Pembani Remgro Infrastructure Fund II. It is a fund manager formed in 2012 and based in South Africa.
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