- IFC invests $20 million in Africa50 for sustainable infrastructure.
- IAF, a 12-year private equity fund by Africa 50, targets diverse African projects.
The International Finance Corporation (IFC) invests $20 million in the Africa50 Sustainable Infrastructure Acceleration Fund (IAF). The IAF, a 12-year private equity fund by Africa50, attracts capital from African and international institutions. It focuses on making equity and quasi-equity investments, taking majority stakes in African projects. With an initial closing of $222.5 million, the fund targets sectors like digital infrastructure, renewable energy, power, transport, logistics, and water and sanitation.
Infrastructure investment is crucial for Africa’s development. Sarvesh Suri, IFC’s Regional Director (Africa) for Industry, Infrastructure, and Natural Resources, says the partnership will mobilise equity capital for projects benefiting African communities, including those addressing climate change. Suri expects IFC’s investment to catalyse more private financing, engaging institutional investors, development finance institutions, and local/regional banks. The IAF fund aims to raise $500 million for sustainable infrastructure in Africa, aligning with Africa50’s strategy and partnerships like with the West African Development Bank (BOAD).