The Emerging Africa Infrastructure Fund (EAIF) has raised $385m in its latest round of fundraising for investment in projects, with at least 50% dedicated to renewables.
Investors in the fund, which is managed by Investec Asset Management, include German development bank KFW, Dutch development finance institution FMO, Standard Chartered Bank, the African Development Bank and global insurer Allianz.
Allianz’s investment is the first by a commercial investor in the fund.
Allianz Investment Management global head of private debt Sebastian Schroff said: “We believe in Africa’s growth potential and will invest across different asset classes across the continent.”
The new funds will be used over the next five years to help mobilise private sector capital for investment in infrastructure projects in Africa.
EAIF is part of the Private Infrastructure Development Group (PIDG), a donor-backed organisation that encourages private sector infrastructure investment in the world’s lowest-income countries.
The EAIF has invested around $1.3bn since it was set up in over 70 projects in some 22 sub-Saharan countries.
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Investors raise African war chest
By EBS