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French development finance institution Proparco has committed $10 million to the senior tranche of the Africa Green Infrastructure Alliance – Project Development Fund (AGIA-PD), managed by Africa50.
The fund is targeting $400 million and will invest in the development of green and climate-resilient infrastructure projects across Africa, including renewable energy and water infrastructure.
AGIA-PD is targeting the most underserved stage of infrastructure financing: project development. By financing early-stage activities – including project preparation, structuring and development – the fund aims to create a pipeline of investment-ready infrastructure projects capable of attracting long-term public and private capital.
“By investing in AGIA-PD, Proparco is supporting a transformative initiative aiming to increase the number of green infrastructure projects in Africa. Through its manager, Africa50, AGIA-PD participates in the acceleration of the energy transition on the continent and generates significant development impacts for local communities,” said Tibor Asboth, head of private equity for the Middle East and Africa at Proparco.
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