- Africa50’s Alliance for Green Infrastructure in Africa Project Development Fund secured a first close of $118m toward its $400m goal to accelerate bankable green projects in energy, transport, and ICT.
- The fund aims to unlock up to $10bn in private investment and drive Africa’s net-zero transition.
The Alliance for Green Infrastructure in Africa’s Project Development Fund (AGIA-PD), managed by Africa50, has reached a first close of $118 million, the institution announced during its General Shareholders Meeting in Maputo, Mozambique.
The fund aims to raise $400 million in blended early-stage project development capital to support bankable green infrastructure projects across Africa. It will focus on energy, sustainable transport, and ICT to accelerate the continent’s transition to net zero.
Initial investors include the African Development Bank (AfDB), German Development Cooperation through KfW, the West African Development Bank (BOAD), the UK’s Foreign, Commonwealth & Development Office, the Soros Economic Development Fund, and the African Climate Foundation.
Meanwhile, Solomon Quaynor, AfDB Vice President for Private Sector, Infrastructure and Industrialisation, said the bank’s $40 million commitment shows its readiness to share early-stage risks with partners. He added that the blended-finance model is designed to leverage billions in private investment.
Africa50 CEO Alain Ebobissé called the first close a “powerful testament” to progress since AGIA’s launch at COP27, stressing that the facility will help build a pipeline of bankable projects and strengthen local capacity.
BOAD President Serge Ekue said the participation underscores the bank’s commitment to closing Africa’s infrastructure gap. At the same time, UK Minister of State for Development Jenny Chapman noted the facility will support African-led projects such as solar farms and water treatment plants.
Launched at COP27 by Africa50 in partnership with the African Union Commission and AfDB, AGIA seeks to mobilise up to $500 million in blended capital, $100 million for project preparation and $400 million for project development. Its long-term target is to unlock up to $10 billion in private sector investment opportunities.