DUBAI, UAE, Dec 5 – African and global institutions, together with the governments of Germany, France, and Japan and philanthropies, have pledged over $175 million to the Alliance for Green Infrastructure in Africa (AGIA).
The initial pledge will scale up financing for transformative climate-aligned infrastructure projects across the continent.
This will also advance AGIA towards its first close of $500 million of early-stage project preparation and development blended capital.
The Alliance is a partnership of the African Union Commission, the African Development Bank, Africa50, and other partners.
It works to unlock up to $10 billion in private capital for green infrastructure projects and to galvanize global action to accelerate Africa’s just and equitable transition to Net Zero.
Among the signatories of the memorandum of intent were representatives of the African Development Bank, Africa 50, France, Germany, Japan, the Arab Bank for Economic Development in Africa (BADEA), the Banque Ouest-Africaine de Développement (BOAD), Proparco, and the Three Cairns Foundation.
“AGIA is set to become Africa’s largest fund focused on project development, which is a critical component to scale up the delivery of bankable green projects and help the continent achieve its climate goals,” Alain Ebobissé, Africa50 CEO, said.
“This initial fundraising round which includes strong African and international organisations is a great sign of investor confidence in AGIA. We are pleased to be part of this landmark initiative.”
The Union of the Comoros President and Chairperson of the African Union, Azali Assoumani, Madagascar’s President Andry Rajoelina, and African Union Commission Chairperson Moussa Faki Mahamat witnessed the signing ceremony.
African Development Bank Group President Dr Akinwumi Adesina said: “We need private sector financing at scale to tackle climate change and fill Africa’s huge infrastructure gap in a sustainable and climate-resilient manner.”
“By working together and pooling our resources together through AGIA, we are committed to accelerating these efforts. The Bank Group plans to contribute up to $40 million, after approval from its Board of Directors.”