As part of a larger drive to promote sustainable infrastructure development across Africa, the African Development Bank Group (AfDB) has approved a $100 million loan to the Emerging Africa and Asia Infrastructure Fund (EAAIF). This decision is supported by the Bank’s Board of Directors and is part of a strategic effort to attract private sector investment in areas critical to inclusive economic growth and climate resilience, such as renewable energy, digital infrastructure, and transportation.
This is AfDB’s fourth loan to the Fund, strengthening a long-standing partnership aimed at accelerating the development of bankable infrastructure projects that improve access to essential services, support economic transformation, and contribute to global sustainability goals.
Mobilizing capital for sustainable transformation
EAAIF is a private infrastructure development group (PIDG) company managed by investment firm NinetyOne and plays a pivotal role in de-risking and co-financing infrastructure projects in frontier and emerging markets in Africa and Asia.
With the AfDB’s latest contribution, the fund is now ready to mobilize additional long-term capital from private investors under a $300 million debt financing program in 2025. The overarching goal is to invest more than $850 million in strategic infrastructure projects on both continents by 2027, significantly increasing the scale and scope of sustainable investments.
Addressing Africa’s infrastructure deficit
Africa continues to face a huge infrastructure funding gap, estimated at between $68 billion and $108 billion annually, according to an AfDB study. The continent’s population growth, urbanization trends and climate fragility increase the urgency of building resilient and inclusive infrastructure networks.
Mike Salaou, AfDB’s Director of Infrastructure and Urban Development, emphasized the importance of partnerships:
“Partnering with the Emerging Africa and Asia Infrastructure Fund will enable long-term financing for critical projects that will boost economies, create jobs and improve lives across Africa. It will also help close the infrastructure financing gap on the continent by attracting private capital to high-impact projects in emerging and frontier markets.”
Focus areas: Energy, connectivity and climate
EAAIF’s investment mandate spans multiple sectors and focuses on:
Renewable energy: Accelerate clean power projects that reduce dependence on fossil fuels and improve access to energy.
Digital connectivity: Supporting broadband expansion, mobile infrastructure, and data systems essential for economic inclusion.
Transportation infrastructure: Funding roads, rail, and logistics hubs that improve trade and regional integration.
Climate adaptation and resilience: Drive projects that help communities and businesses cope with the impacts of climate change.
Sumit Kanodia, director of Ninety One and head of the EAAIF management team, added:
“We are pleased to deepen our partnership with the African Development Bank. This loan will enable us to finance more renewable energy, digital and transport projects that drive inclusive growth, create jobs and build resilience to climate change in the region.”
Building impact through blended finance
The AfDB loan will strengthen EAAIF’s ability to mobilize blended finance, a model that uses public funds and development finance to de-risk and leverage private capital. This approach is essential in regions where commercial lenders are reluctant due to perceived political or economic risks.
EAAIF’s portfolio already has a strong track record in improving access to clean energy, supporting greenfield digital infrastructure, and creating quality jobs. The fund also ensures that its investments comply with international environmental, social and governance (ESG) standards, including climate risk mitigation.
Looking to the future: A shared commitment to inclusive growth
This operation is in line with both the AfDB’s 10-year strategy (2023-2032) and the African Union’s Agenda 2063, which seeks to transform Africa through inclusive growth, integration and sustainable development.
Aligned with the Sustainable Development Goals (SDGs), particularly SDG 9 (Industry, Innovation and Infrastructure) and SDG 13 (Climate Action), this partnership is poised to deliver transformative benefits across the continent.
AfDB’s support to EAAIF underscores EAAIF’s role as a catalyst for private sector participation in African development. As infrastructure needs continue to soar, innovative financing like this is essential to delivering future economic growth that is climate-smart, inclusive, and resilient.
