AfDB commits $100M to Emerging Africa Infrastructure FundNetspace
The African Development Bank (AfDB) has committed to invest $100 million in the Emerging Africa Infrastructure Fund (EAIF), a private-public partnership company managed by Investec Asset Management.
The funding aims at reducing infrastructure deficit in sectors that are key to the continent’s development; that includes electricity, transport and manufacturing.
Present in Africa since its establishment, EAIF has already injected more than $1.2 billion in long term projects, through more than 70 transactions.
This support from the pan-African institution falls in line with the Fund’s strategy to expand its loan portfolio, over the next 3 to 5 years, in order to become a sustainable alternative to development funding institutions and commercial banks.
In the long run, the fund plans to create more than 3,500 permanent jobs, improve access to infrastructure services or create new ones, for millions of people in Africa. Here, emphasis will be put on investments in environmental and social projects.
The Emerging Africa Infrastructures Fund is a public-private partnership which finances the establishment and development of infrastructures in sub-Saharan Africa. The EAIF is part of the Private Infrastructure Development Group, a multi-lenders organization regrouping seven countries and the World Bank.