Alliance for Green Infrastructure in Africa’s Project Development Fund (AGIA-PD) achieves first close with US$118 million
- The fund, managed by Africa50, seeks to raise up to US$400 million of blended, early-stage project development capital to deliver a pipeline of investment-ready infrastructure projects in Africa.
- The funding will enable Africa50, and partners, to advance critical projects in sectors that contribute to accelerating Africa’s energy transition or climate resilience goals such as renewable energy, sustainable transport and ICT.
Maputo, Mozambique - 13 August 2025 – Africa50, the pan-African infrastructure investor and asset manager, has announced the first close of the Alliance for Green Infrastructure in Africa Project Development Fund (AGIA-PD) at US$118 million, marking a major milestone in accelerating the delivery of green infrastructure across the continent. Managed by Africa50, the fund aims to bring together public, commercial, and philanthropic capital to unlock early-stage investment for transformative, climate-resilient projects in Africa. The milestone was announced during the Africa50 General Shareholders Meeting in Maputo, Mozambique.
AGIA’s first close has attracted leading investors including the African Development Bank (AfDB), the German Development Cooperation through KfW, the West African Development Bank (BOAD), the UK's Foreign, Commonwealth & Development Office (FCDO), the Soros Economic Development Fund, and the African Climate Foundation (ACF).
The fund will be targeting investments that seek to accelerate the continent's transition to net-zero by catalyzing green projects in strategic areas including energy, sustainable transport, and ICT. The AGIA-PD fund is expected to contribute to increasing the pipeline of bankable projects, catalyze private sector investment, and drive sustainable growth.
“Through this US$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, the Bank’s 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 partner. The resources will be deployed for co-developments with both emerging and established developers, ensuring a diverse and scalable pipeline. Our blended-finance model is designed to mobilize billions in private-sector investment for Africa’s low-carbon and climate-resilient infrastructure.”
Africa50 CEO Alain Ebobissé said, “Since the unveiling of the initiative at COP27, AGIA has moved from ambition to execution, and this first close of the AGIA Project Development Fund is a powerful testament to that progress”.
“We are deeply grateful to our founding partners and investors for their trust and commitment. By unlocking early-stage project development capital, AGIA will help accelerate the development of bankable green infrastructure projects, strengthen local capacity, and pave the way for a more sustainable, resilient, and prosperous Africa. Africa50 is proud to serve as fund manager and drive this vital initiative forward”, he added.
The focus on project development will have a highly catalytic impact on the pipeline of bankable projects in Africa, enabling increased private sector mobilization into infrastructure in Africa.
To deliver on its mandate, the fund will partner with established developers but will also critically support and provide resources to local and emerging developers, empowering African leadership in the development of sustainable infrastructure. With a diverse set of prominent investors participating in the first close, the fund demonstrates the viability of investing in the development of green infrastructure investment in Africa.
Commenting on the first close, Serge EKUE, President and Chairman of West African Development Bank said: “BOAD's commitment to supporting Africa50 in implementing AGIA reaffirms our dedication to closing Africa's infrastructure gap and fostering private sector investment in innovative projects. This contribution is poised to drive sustainable development across the West African Economic and Monetary Union member states and the continent at large.”
The fund forms part of the landmark Alliance for Green Infrastructure in Africa (AGIA) initiative which Africa50 launched in partnership with the African Union Commission and the African Development Bank at COP27 in Sharm El Sheikh, Egypt. AGIA aims to raise up to US$500 million in blended capital, with up to US$100 million dedicated to project preparation through existing facilities managed by the AfDB, and up to US$400 million for investment in project development through the AGIA-PD fund.
The UK Minister for Development, Jenny Chapman said, "We are partnering with countries to unlock private investment in the places hardest hit by climate change. This is good news for local communities, helping create growth, and for the UK. Today's UK investment will support African-led projects like solar farms and water treatment plants, helping build stronger economies which can deal better with the effects of climate change.”
“The Soros Economic Development Fund (SEDF) is proud to support the Alliance for Green Infrastructure in Africa, a critically important Africa-led partnership to catalyze transformative green infrastructure projects that enhance climate resilience, accelerate a just energy transition, and drive inclusive, sustainable development across the continent.” Georgia Levenson Keohane, CEO of the Soros Economic Development Fund.
AGIA-PD is also supported by the Three Cairns Group through its partner, The African Climate Foundation. “The lack of bankable projects remains a persistent barrier to scaling clean energy and climate-resilient infrastructure across Africa,” said Mark Gallogly, co-founder of Three Cairns Group. “AGIA’s first close marks a significant milestone in tackling this challenge. We are proud to support this effort and to see catalytic capital flow into early-stage project development — a critical enabler for unlocking economic vitality on the continent,” he added.
The multi-stakeholder platform seeks to leverage the track record, expertise and convening power of its partners to prepare, develop and finance a transformative pipeline of green infrastructure projects in Africa. Its long-term objective is to generate up to US$10 billion in investment opportunities for the private sector.
Christine de Barros Said, Head of Cooperation, German Embassy in Maputo stated, “The German government is proud to support Africa on its path to a sustainable and climate-resilient future. Through KfW, we are providing €26 million to accelerate the development of green infrastructure projects. AGIA identifies and prepares projects until they reach creditworthiness, enabling them to attract private and public investment. This generates important investments in renewable energy, transport, water and digitalization, which the continent urgently needs to foster economic growth and job creation.”
ENDS
About Africa50
Africa50 is an infrastructure investor and asset manager that contributes to Africa's growth by developing and investing in bankable projects, catalyzing public sector capital, and mobilizing private sector funding, with differentiated financial returns and impact. Africa50 currently has 37 shareholders, comprising 33 African countries, the African Development Bank, the Central Bank of West African States (BCEAO), Bank Al-Maghrib, and the Public Investment Corporation (PIC) of South Africa. For more information, visit: www.africa50.com
About KfW
KfW Bankengruppe, founded in 1948, is the German development bank and one of the world’s leading promotional banks. It is 80% owned by the Federal Government and 20% by the federal states.
The business sector of KfW Development Bank carries out Financial Cooperation projects with developing countries and emerging economies on behalf of the German Federal Government, especially of the Federal Ministry for Economic Cooperation and Development (BMZ). KfW Development Bank employs approximately 1,200 people at the head office in Frankfurt am Main as well as400 specialists at more than 60 international locations, who cooperate with partners all over the world. Their goal is to combat poverty, secure peace, protect the environment and the climate as well as ensure fair globalization. KfW Development Bank is a competent and strategic adviser for current development policy issues.
About BOAD:
The West African Development Bank (Banque Ouest Africaine de Développement or BOAD) is the common development finance institution of the member countries of the West African Economic and Monetary Union (WAEMU). It is an international public institution whose purpose is to promote the balanced development of its member countries and foster economic integration within West Africa by financing priority development projects. It is accredited to the three climate finance facilities (GEF, AF, GCF). Since 2009, BOAD has been an observer at the UNFCCC and actively participates in discussions on devising an international climate finance system. Since January 2013, it has been home to the first Regional Collaboration Centre (RCC) on Clean Development Mechanism (CDM), whose aim is to provide direct support to governments, NGOs and the private sector in identifying and developing CDM projects. Since October 15, 2023, the Bank has co-chaired the International Development Finance Club (IDFC) and has held the sole Presidency since February 27, 2025. IDFC brings together 27 national, regional and multilateral development banks from around the world.
About the Foreign, Commonwealth & Development Office
The Foreign, Commonwealth & Development Office (FCDO) leads the UK’s diplomatic, development and consular work around the world. FCDO is a ministerial department, supported by 11 agencies and public bodies. Read more about what we do.
About The African Climate Foundation
The African Climate Foundation is the first African-led strategic re-granter working at the nexus of climate change and development. We envision a vibrant and climate-resilient Africa, where inclusive socio-economic development delivers sustainable and equitable growth. The ACF’s work now reaches 24 African countries, and its 45 staff now represent all four corners of the continent. As an African organization, the ACF is committed to advancing both the climate and development objectives of the continent. As such, it works to pool investments into initiatives that can catalyze low-carbon and resilient development pathways in key sectors and support long-term socio-economic well-being. Over the last four years, the ACF has supported over 320 organizations, disbursing critical funds to vital projects and programmes that align with our strategic vision. ACF’s commitment to AGIA-PD has been made possible by funding supported by the co-founders of Three Cairns Group.
About Three Cairns Group
Three Cairns Group is a mission-driven investment and philanthropic firm focused on the climate crisis. It incubates, develops and scales cross-sector initiatives to accelerate the transition to clean energy and drive transformative, equitable progress. The current portfolio includes early-stage capital deployment (Allied Climate Partners), financial market infrastructure (Global Carbon Market Utility), and climate talent in the Global South (Allied Talent Partners). Three Cairns uses philanthropy, investing, policy, and political advocacy to support the policies, talent, infrastructure, businesses, and technology essential to climate and the promotion of economic vitality.
Media Contacts:
Nana Boakye-Yiadom, Communications Manager, Africa50 - n.boakyeyiadom@africa50.com, Tel: +21266666166308.
Dr. Charis Pöthig, Press Officer, KfW Bankengruppe, charis.poethig@kfw.de, Tel: 0049/69/7431-4683
BOAD:
Communication and Public Relations
Tel: + 228 22 23 25 65
Fax: + 228 22 23 24 38
Email: boadsiege@boad.org
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Category: Press Release