$30 million Equity Ventures to Finance Works on infrastructure Guaranteed Kenya amongst 6 Nation’s in the Continent incorporated by International Finance Corporation

By Abdul Rahman Bangura-

Photo Credit: Unsplash

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- This would enhance projects in the telecoms, renewable energy, and transport sectors across the Landmass, but with sharp attention on Côte d’Ivoire, Egypt, Kenya, Morocco, Senegal, and South Africa. The finance is handled by Africa Infrastructure Investment Managers (AIIM); which is a fraction of the Old Mutual Group.

The fund will subsidize data centers, fiber networks, and communications towers in the telecoms sector. And in the energy sector, utility-scale renewable energy platforms and commercial and industrial projects are targeted.

In the transport infrastructure sector, the fund will give premium on investments in mobility and logistics, bulk-handling infrastructure, and temperature-controlled logistics.

IFC capital injection will enhance Africa Infrastructure Investment Fund 4 Partnership (AIIF4) achieve its final close target of $500 million (Sh80.4 billion). IFC reveals, Regional Industry Director for Infrastructure and Natural Resources, Sarvesh Suri, noted the investment highlights IFC’s focus to assist private sector projects that gives access to opportunity and support development in Africa.

“IFC’s partnership with AIIM will support the development of digital assets and bolster the crucial renewable energy and transportation sectors in several countries across Africa,” stated Suri.

In 2023, IFC ventured $43.7 billion (Sh7 trillion) to private firms and financial institutions in developing nations. All geared to level the power of the private sector to do away with abject poverty and promote shared prosperity as economies crumple with the effects of global compounding shocks.

Suri noted that private and development finance investments are critical to supporting governments across Africa brace up with their thriving infrastructure desires, deliver services, and strengthen their economies. IFC’s investment in the AIIF4 fund is aligned with the World Bank Group’s Digital Economy for Africa (DE4A) initiative, which aims to bridge the digital connectivity gap in sub-Saharan Africa.

It forms part of the World Bank Group’s strategy to elevate the pace of electrification in Africa to achieve universal access to power on the continent by 2030.

“We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries,” noted Suri.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent