The African Development Bank Group (AfDB) has announced a $40 million investment in the Alliance for Green Infrastructure in Africa – Project Development Fund (AGIA-PD), securing the first close of $118 million for the continent’s flagship green infrastructure initiative.
Managed by Africa50, the AGIA-PD aims to raise $400 million in blended early-stage financing to prepare a steady pipeline of bankable projects in renewable energy, sustainable transport, water, and digital infrastructure. It is part of the broader AGIA programme, jointly led by the AfDB, African Union Commission, and Africa50, which targets $500 million to unlock $10 billion in climate-resilient investments.
The AfDB’s contribution is structured as $20 million in grants, $10 million in commercial equity, and $10 million in junior equity from the Sustainable Energy Fund for Africa.
“With this $40 million spanning grants, junior equity, and commercial equity, the African Development Bank is pioneering a comprehensive approach to unlock Africa’s vast green infrastructure potential,” said Solomon Quaynor, AfDB Vice President for Private Sector, Infrastructure and Industrialization. “It signals our readiness to share early-stage risk with our partners and to mobilise billions in private capital.”
The Fund’s other investors include KfW, the West African Development Bank (BOAD), the UK’s Foreign, Commonwealth & Development Office, the Three Cairns Group, and the Soros Economic Development Fund.
Africa50 CEO, Alain Ebobissé, said the milestone marks AGIA’s shift from “ambition to execution” since its launch at COP27. He added that early-stage financing would speed up project development, strengthen local expertise, and help deliver a sustainable and resilient Africa.
UK Minister of State for Development, Jenny Chapman, said the UK’s contribution will help deliver solar farms, water treatment plants, and other infrastructure projects, boosting economic growth in climate-vulnerable communities.
Germany, through KfW, is providing €26 million to support renewable energy, transport, water, and digitalisation projects. BOAD President Serge Ekue said the Bank’s support will help bridge West Africa’s infrastructure gap, while Three Cairns Group co-founder Mark Gallogly and Soros Economic Development Fund CEO Georgia Levenson Keohane both described the Fund’s first close as a major step toward scaling clean energy and climate-resilient projects across Africa.
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