The African Development Bank Group (AfDB) has pledged $40 million to the Alliance for Green Infrastructure in Africa, Project Development Fund (AGIA-PD). This investment secures the Fund’s first close at $118 million.
This milestone marks a new phase in building Africa’s green infrastructure. The AGIA-PD is backed by a coalition of global and regional institutions. Partners include Germany’s 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.
AfDB’s contribution includes $20 million in grants, $10 million in commercial equity, and $10 million in junior equity from its Sustainable Energy Fund for Africa. This structure reduces early risks and draws in private investors.
“Through this $40 million, the African Development Bank is pioneering a model to unlock Africa’s green infrastructure potential,” said Solomon Quaynor, AfDB Vice President for Private Sector, Infrastructure and Industrialisation.
He added, “Our blended-finance strategy will mobilise billions in private capital for low-carbon, climate-resilient infrastructure.”
The funds will be used alongside both emerging and experienced developers. The goal is to create a diverse pipeline of sustainable projects ready for investment.
