Africa50 Secures $118m To Boost Green Projects Across Africa

Africa50, the pan-African infrastructure investor and asset manager, has announced the first close of the Alliance for Green Infrastructure in Africa Project Development Fund (AGIA-PD) at $118 million, in accelerating the delivery of green infrastructure across the continent.

The fund aims to bring together public, commercial, and philanthropic capital to unlock early-stage investment for transformative, climate-resilient projects in Africa.

This was stated at the Africa50 General Shareholders Meeting in Maputo, Mozambique. AGIA’s first close has attracted leading investors including the African Development Bank (AfDB), AGIA’s first close has attracted leading investors including the African Development Bank (AfDB), the German Development Cooperation through KfW, the West African Development Bank (BOAD), the UK’s Foreign, Commonwealth & Development Office (FCDO), the Soros Economic Development Fund, and the African Climate Foundation (ACF).

The fund will be targeting investments that seek to accelerate the continent’s transition to net-zero by catalysing green projects in strategic areas including energy, sustainable transport, and ICT. The AGIA-PD fund is expected to contribute to increasing the pipeline of bankable projects, catalyze private sector investment, and drive sustainable growth.

The vice president for Private Sector, Infrastructure and Industrialization, the African Development Bank (AfDB), Solomon Quaynor said, “this investment represents more than capital. It is a bold declaration that the Bank stands ready to share early-stage risk alongside our partner. The resources will be deployed for co-developments with both emerging and established developers, ensuring a diverse and scalable pipeline.”

The CEO of Africa50, Alain Ebobissé explained that “since the unveiling of the initiative at COP27, AGIA has moved from ambition to execution, and this first close of the AGIA Project Development Fund is a powerful testament to that progress.

“By unlocking early-stage project development capital, AGIA will help accelerate the development of bankable green infrastructure projects, strengthen local capacity, and pave the way for a more sustainable, resilient, and prosperous Africa.”

The president and chairman of the West African Development Bank (BOAD), Serge Ekue said, “BOAD’s commitment to supporting Africa50 in implementing AGIA reaffirms our dedication to closing Africa’s infrastructure gap and fostering private sector investment in innovative projects. This contribution is poised to drive sustainable development across the West African Economic and Monetary Union member states and the continent at large.”

The United Kingdom’s minister of state for Development, Jenny Chapman said, “we are partnering with countries to unlock private investment in the places hardest hit by climate change.

“Today’s UK investment will support African-led projects like solar farms and water treatment plants, helping build stronger economies which can deal better with the effects of climate change.”

CEO of the Soros Economic Development Fund, Georgia Keohane noted that “the Soros Economic Development Fund (SEDF) is proud to support the Alliance for Green Infrastructure in Africa, a critically important Africa-led partnership to catalyze transformative green infrastructure projects that enhance climate resilience, accelerate a just energy transition, and drive inclusive, sustainable development across the continent.”