AfDB Commits $40M to Launch Africa’s Green Infrastructure Fund
The African Development Bank (AfDB) has announced a $40 million investment to catalyse the Alliance for Green Infrastructure in Africa – Project Development Fund (AGIA-PD), anchoring the Fund’s first close of $118 million. The move marks a significant step towards mobilising blended capital to deliver investment-ready green infrastructure projects across the continent.
The AGIA-PD brings together a strong coalition of development finance institutions, public agencies, philanthropic organisations, and private investors, including KfW (Germany), 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 Fund aims to raise $400 million in early-stage blended capital to unlock a $10 billion pipeline of projects in energy, sustainable transport, and ICT.
AfDB’s $40 million contribution comprises $20 million in grants, $10 million in commercial equity, and $10 million in junior equity from the Sustainable Energy Fund for Africa. Solomon Quaynor, AfDB Vice President for Private Sector, Infrastructure and Industrialisation, said: “This investment represents more than capital. It is a bold declaration that the Bank stands ready to share early-stage risk alongside our partners, ensuring a diverse and scalable pipeline.”
Since its launch at COP27, AGIA has progressed from ambition to execution. Alain Ebobissé, CEO of Africa50, which manages the Fund, highlighted that the initiative will accelerate bankable project development, strengthen local capacity, and foster sustainable, climate-resilient growth.
International partners also welcomed the development. Jenny Chapman, UK Minister of State for Development, noted the Fund supports African-led projects such as solar farms and water treatment plants, building stronger economies resilient to climate change. Christine de Barros Said of the German Embassy in Maputo reaffirmed Germany’s commitment, providing €26 million via KfW to mobilise private and public investment in green infrastructure.
Serge Ekue, President of BOAD, emphasised the Fund’s potential to close Africa’s infrastructure gap, while Mark Gallogly of Three Cairns Group and Georgia Levenson Keohane of the Soros Economic Development Fund highlighted the critical role of catalytic capital in scaling clean energy and climate-resilient projects across Africa.
The AGIA-PD first close represents a landmark milestone for Africa’s green infrastructure ambitions, blending public and private finance to accelerate sustainable development across the continent.
