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The Alliance for Green Infrastructure in Africa’s Project Development Fund (AGIA-PD) has successfully closed its first funding round with $118 million (€101 million), marking a key milestone in financing climate-resilient infrastructure across the continent. The fund, managed by Africa50, has attracted investments from notable players, including the African Development Bank (AfDB), UK and German government agencies, and the Soros Economic Development Fund.
With a target of up to $400 million, AGIA-PD aims to support early-stage development of projects in sectors such as energy, sustainable transport, and technology, focusing on enhancing climate resilience in Africa. The first close of the fund includes significant commitments from major investors, such as KfW (German Development Cooperation), the UK’s Foreign, Commonwealth and Development Office, and the African Climate Foundation.
The announcement was made during Africa50’s shareholders meeting in Maputo, Mozambique, highlighting the growing interest in green infrastructure as a key investment opportunity for Africa. The AGIA-PD fund is part of the broader AGIA initiative, launched at COP27 in 2022, which seeks to generate up to $10 billion in investment opportunities for the private sector, primarily focusing on climate resilience projects.
Alain Ebobissé, CEO of Africa50, described the fund’s first close as a “powerful testament” to the progress of the AGIA initiative. Solomon Quaynor, Vice President for the AfDB, emphasized that the bank’s $40 million commitment would support a diverse and scalable pipeline of projects, with a mix of grants, junior equity, and commercial equity.
Mark Gallogly, co-founder of the African Climate Foundation, noted that the AGIA-PD fund’s success in addressing the challenge of bankable projects will unlock significant economic potential for the continent.
This milestone follows Africa50’s earlier announcement of a $225.5 million first close for its Infrastructure Acceleration Fund, aimed at mobilizing investments in power, energy, transportation, and digital infrastructure across Africa.
