The African Development Bank (AfDB) has committed $40 million to the Alliance for Green Infrastructure in Africa – Project Development Fund (AGIA-PD), marking the fund’s first close at $118 million, Channels Tv reports.
In a statement released via the Apo Group, the AfDB described the investment as a milestone in mobilising blended capital for early-stage project development, with the aim of building a strong pipeline of bankable green infrastructure initiatives across the continent.
The fund’s diverse backers include the German development bank KfW, the West African Development Bank (BOAD), the UK’s Foreign, Commonwealth & Development Office (FCDO), the Three Cairns Group, and the Soros Economic Development Fund.
The AfDB’s $40 million package comprises $20 million in grants, $10 million in commercial equity, and $10 million in junior equity from its Sustainable Energy Fund for Africa.
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AfDB Vice President Solomon Quaynor said the investment not only provides capital but also signals the bank’s readiness to share early-stage risks with partners in order to mobilise billions in private sector funding for low-carbon, climate-resilient infrastructure.
The AGIA-PD is part of the broader AGIA initiative, launched at COP27 by the AfDB, the African Union Commission, and Africa50.
The goal is to raise $500 million—$100 million in grants and $400 million in project development financing—to unlock a $10 billion pipeline in sectors such as renewable energy, sustainable transport, and ICT.
Africa50 CEO Alain Ebobissé said the first close demonstrated that AGIA had moved “from ambition to execution,” thanking founding partners for their trust in the mission to accelerate bankable green projects and strengthen local capacity.
UK Minister of State for Development Jenny Chapman said the UK’s participation would support African-led projects like solar farms and water treatment plants, creating growth and resilience in communities hardest hit by climate change.
The Head of Cooperation at the German Embassy in Maputo, Christine de Barros Said, confirmed that KfW is providing €26 million to promote private and public investment in critical sectors, while BOAD President Serge Ekue stressed the fund’s potential to close Africa’s infrastructure gap.
Three Cairns Group co-founder Mark Gallogly described the initiative as a “significant milestone” in overcoming barriers to scaling clean energy and climate-resilient infrastructure.
Georgia Levenson Keohane, CEO of the Soros Economic Development Fund, said the partnership would help catalyse transformative projects to drive inclusive, sustainable development across Africa.
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