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AFRICA: AfDB injects $10 million into AGIA-PD green infrastructure fund

The Board of Directors of the African Development Bank (AfDB) Group has approved a $10 million equity investment in the Alliance for Green Infrastructure in Africa-Project Development Fund (AGIA-PD). Led by the AfDB, the AGIA-PD fund is a $10 billion initiative designed to help accelerate Africa’s green transition.
A new contribution to the capital of the Alliance for Green Infrastructure in Africa-Project Development Fund (AGIA-PD) is announced. On January 24, 2024 in Abidjan, members of the African Development Bank (AfDB) Group Board of Directors adopted the proposal for a $10 million equity investment in the AGIA-PD fund. This is the first tranche of a $40 million equity investment to which the bank committed at the 28th United Nations Climate Conference (COP28) in Dubai in December 2023.
A component of the Alliance for Green Infrastructure in Africa (AGIA), the AGIA-PD Fund is a $10 billion initiative led by the AfDB and created jointly with the African Union Commission (AUC), the pan-African investment platform Africa50 and several other partners. The aim is to help accelerate the continent’s green transition by working with African countries and the international and local private sector to prepare and develop transformative green and resilient infrastructure projects and programs on a very rapid and large scale.
The projects targeted by AGIA-PD are aligned with recipient countries’ Nationally Determined Contributions (NDCs), as well as with the AfDB’s High 5 strategic priorities of Lighting up and Powering Africa, Feeding Africa, Industrializing Africa, Integrating Africa and Improving People’s Quality of Life, and the Bank’s Climate Change and Green Growth Framework 2021-2030.
To achieve its objectives, AGIA will be implemented through three pillars, the first of which is project preparation, aimed at mobilizing $100 million in grants for targeted activities. The second pillar, with AGIA-PD as its instrument, is project development, aiming to mobilize $400 million in mixed capital to transform green infrastructure project concepts into bankable opportunities. Finally, the third pillar, Investment and Financing, consists of putting in place a framework to facilitate the mobilization of ten billion dollars of financing (equity, loans and risk mitigation instruments) to enable the large-scale financing of green infrastructure projects prepared and developed under the first two pillars.
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