A new $126 million investment is set to boost the renewable energy, digital infrastructure, mobility and logistics sectors in Africa.
According to a July 2022 FMO press release, the Netherlands Development Finance Company (FMO) and British International Investment will invest a combined $126 million in the African Infrastructure Investment Fund 4 (AIIF4), dedicated to the renewable energy, digital infrastructure, mobility and logistics sectors in Africa.
Investment across three priority infrastructure sub-sectors
“The Fund will see AIIM build on the successful performance of its predecessor funds by investing across three priority infrastructure sub-sectors: renewable energy such as rooftop solar; digital infrastructure including mobile telecoms towers, data centres, and fibre optic networks; and mobility and logistics such as ports, roads and other supporting infrastructure,” said the Netherlands Development Finance Company.
The fund also promotes women’s empowerment and climate action, and contributes towards achieving several of the Sustainable Development Goals (SDGs):
- SDG7: clean and affordable energy
- SDG8: decent work and economic growth
- SDG9: industry, innovation and infrastructure
- SDG13: climate action
- SDG17: partnerships to achieve the goal.
Meeting Africa’s infrastructure needs
“We are pleased that our partnership alongside FMO and Old Mutual will serve to mobilise further capital to help meet AIIF4’s target size, playing a role in meeting Africa’s infrastructure needs. AIIF4 clearly aligns with BII’s core infrastructure strategy, and we are confident that our capital will help modernise cities and services and accelerate social and economic prosperity for people and communities across the continent,” said Ryan Wagner, Head of Infrastructure and Climate Funds, at British International Investment.
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The Common Market for Eastern and Southern Africa (COMESA) Secretariat and the African Development Bank (AfDB) have launched the first phase of the Africa Cloud Ecosystem project.
Phase 1 of the Africa Cloud Ecosystem Project
As outlined in an AfDB July 2022 press release, the first phase of the Africa Cloud Ecosystem project was launched on July 13 2022, by COMESA and the AfDB. The project received a $550,000 grant from the NEPAD Infrastructure Project Preparation Facility (NEPAD-IPPF) Special Fund, to help conduct the market analysis and pre-investment study.
“The Africa Cloud Ecosystem project (ACE) will be a first of its kind, laying the foundation to facilitate the African continent to undertake this shift in the key sectors of economy, education, government, agriculture, and health, through the provision of a reliable ecosystem of data centres,” said Raubil Durowoju, African Development Bank, Zambia Country Manager.
Increase internet penetration in Africa
This project will help increase Internet penetration in Africa by making access to information more affordable, sustainable and improve digital services. Most importantly, the project will connect production centres to markets.
“We at the Secretariat, are fully convinced that the development of the Africa Cloud Ecosystem project will increase the sustainability and viability of information. The Africa Cloud Ecosystem will provide a pivotal way of transitioning Africa’s community into a digital economic community,” said Kipyego Cheluget, COMESA Assistant Secretary General – Programmes.
At ABiQ, we provide validated data and trusted business intelligence covering Africa and the Middle East. We use our unique forecasting and project tracking tool to track projects worth over $5.8 Trillion in UAE, Saudi Arabia, and 54 countries across Africa so that you can stay ahead of your competitors and grow your business. Contact us today to book a free demo now or register to get free access to a light version of our platform.