- ARM and Harith plan to establish a $250m fund for green projects.
- The fund will mobilise blended finance for urban projects in West Africa.
Nigerian financial services company, Asset & Resource Management Holding Co Ltd and Johannesburg-based private equity firm Harith General Partners plan to mobilise funding for urban climate infrastructure. Both companies will set up the $250 million credit facility via their joint venture, ARM-Harith Infrastructure Investments.
The ARM-Harith Cities and Climate Transition (ACT) Fund is being designed with the support of the Global Innovation Lab for Climate Finance, which is supported by the Dutch, German, Swedish and British governments and the Rockefeller Foundation. The expectation is that the fund will raise $250 million of blended finance to support clean energy projects, E-mobility, water and waste management infrastructure in the West Africa region, especially in Nigeria.
Harith General Partners deputy chief executive Alwyn Wessels noted that “Harith, as a partner with, and investor in infrastructure funds across Africa, is excited by the prospects of the ACT fund, and the potential for the fund to promote real climate action in West Africa.