The African Development Bank (AfDB) granted $100m to the Emerging Africa Infrastructure Fund (EAIF) in a bid to nurture its loan portfolio in the next three to five years.
Managed by Investec, EAIF is part of the Private Infrastructure Development Group, tasked with financing infrastructure projects across various sectors.
The AfDB stated: “EAIF plans to reinforce investments in 49 eligible countries and fragile states with a clear focus on crucial sectors for the development of the continent including power, telecommunication, transportation, manufacturing, among other sectors.”
EAIF is attempting to shape its loan portfolio through a $325-365m debt raise to become an alternative to financial institutions and mainstream banks.
Earlier this year, leaders from African countries and financial institutions called on Africa50 to develop a pipeline of PPPs as the infrastructure investment platform expands.