AfDB Commits $40M to Green Infrastructure Fund’s $118M First Close

The African Development Bank Group (AfDB) has committed $40 million to the Alliance for Green Infrastructure in Africa – Project Development Fund (AGIA-PD), anchoring the Fund’s first close at $118 million.

The investment aims to accelerate the development of bankable green infrastructure projects across Africa and unlock billions in private-sector capital.

The AGIA-PD brings together development finance institutions, public agencies, philanthropic organizations, and private investors, including KfW (Germany’s development bank), 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 investment includes $20 million in grants, $10 million in commercial equity, and $10 million in junior equity from its Sustainable Energy Fund for Africa. “Through this $40 million spanning grants, junior equity, and commercial equity, the African Development Bank is pioneering a comprehensive approach that will unlock Africa’s vast green infrastructure potential,” said Solomon Quaynor, AfDB Vice President for Private Sector, Infrastructure and Industrialization. “This investment represents more than capital—it is a bold declaration that the Bank stands ready to share early-stage risk alongside our partners.”

The AGIA initiative, led by the African Development Bank, the African Union Commission, and Africa50, seeks to raise $500 million — $100 million in grants for project preparation and $400 million for project development, with the goal of unlocking a $10 billion pipeline in sectors such as renewable energy, sustainable transport, and ICT.

Christine de Barros Said of the German Embassy in Maputo noted that Germany, through KfW, is providing €26 million to promote public and private investment in critical sectors including energy, transport, water, and digitalization. BOAD President Serge Ekue emphasized the role of AGIA in closing Africa’s infrastructure gap and spurring private investment in innovative projects.

Private sector backers echoed the sentiment. Mark Gallogly of the Three Cairns Group described the first close as “a significant milestone in tackling persistent barriers to scaling clean energy and climate-resilient infrastructure across Africa.” Georgia Levenson Keohane, CEO of the Soros Economic Development Fund, called AGIA “a critically important Africa-led partnership” that can drive inclusive, sustainable development.

Go to ECONEWS.co.ke for more sustainability news from the African continent.

Follow us on WhatsApp, Telegram, Twitter, and Facebook, or subscribe to our weekly newsletter to ensure you don’t miss out on any future updates. Send tips to editorial@techtrendsmedia.co.ke

Join the Conversation on The Green Shift Podcast

Are you passionate about sustainability, clean energy, climate action, or green innovation in Africa?
We’re always looking to connect with individuals and organizations making a real impact, whether you’re in policy, business, research, or community-led projects.

If you have a story, idea, or perspective to share, we’d love to hear from you.

Reach out to us at: podcast@techtrendsmedia.co.ke