The EIB affirmed that it will contribute $52.48 million to the Fund, which is run by AFC Capital Partners (ACP), AFC's asset management division, as part of the pledge.

 The Green Climate Fund (GCF) has already committed $253 million to ACP, making it the GCF's largest equity investment in Africa to date.

 The Fund has also received commitments from two private African pension funds and the Nigeria Sovereign Investment Authority (NSIA), indicating strong institutional support both domestically and abroad.

By incorporating resilience measures into all phases of infrastructure development, from design and building to operation, the Infrastructure Climate Resilient Fund seeks to expedite climate adaption in Africa, according to the EIB.

 The Fund incorporates cutting-edge instruments like climate risk parametric insurance to improve protection against climate-related risks and losses while using blended finance to de-risk private investment.

 In keeping with the UN Sustainable Development Goals and the European Union's Global Gateway program, the Fund will also offer technical assistance to strengthen the capacity of nations looking to analyze and adapt to climate risk.

At last week's Finance in Common Summit (FICS) in Cape Town, the EIB formally signed the deal.

 At the event, EIB Vice-President Ambroise Fayolle said, "The EIB is committed to supporting private sector investment in climate-resilient infrastructure, especially in regions most vulnerable to climate change."

 "The establishment of ACP's Infrastructure Climate Resilient Fund and this collaboration with the Africa Finance Corporation are important steps in advancing Africa's digital and green transition and guaranteeing a sustainable future for everybody.  In addition to providing the initial capital infusion, the EIB's investment aims to have a multiplier effect by drawing in additional investors, lowering risk, highlighting successful projects, and advancing best practices in climate finance.

By tackling market failures, reducing environmental risks, bolstering commerce, logistics, and industrialization, and quickening the continent's digital and energy transition, ACP's fund seeks to show that Africa can pursue a path toward sustainable and climate-resilient growth.

 At the launching occasion, AFC President and CEO Samaila Zubairu stated, "This Fund is essential for filling the funding gap for climate adaptation in Africa."  "We are not only safeguarding our economic future but also fostering sustainable growth prospects and job creation throughout the continent by concentrating on climate-resilient infrastructure."

Building Infrastructure That Is Climate-Resilient

 By making investments in infrastructure that can survive the effects of climate change while lowering carbon emissions, the Climate-Resilient Infrastructure Fund targets Africa, the continent most vulnerable to climate change worldwide.

 In order to ensure sustainable growth, the Fund gives priority to robust, low-carbon solutions in the areas of digital infrastructure, clean energy, transportation and logistics, and industrial development.