The Development Bank of Southern Africa (DBSA) committed about USD 18 million into the Infrastructure Climate Resilient Fund (ICRF).
The partnership was formalised at the Africa We Build Summit in Nairobi this week, between the DBSA and Africa Finance Corporation (AFC).
Boitumelo Mosako, the Bank’s CEO and Samaila Zubairu -AFC President & CEO, signed an agreement, to mobilise capital for the fund, which is expected to embed resilience into project design, and unlock opportunities for communities across the continent.
Boitumelo Mosako, Chief Executive Officer of the Development Bank of Southern Africa said “Africa does not have the luxury of waiting. Climate shocks are outpacing adaptation finance, and vulnerable communities continue to bear the greatest burden. This partnership with the Africa Finance Corporation sends a clear signal that development finance institutions are pooling their mandates, capital, and risk appetite to achieve what neither institution can accomplish alone.”
The Fund has already attracted strong participation from leading global and African institutional investors, including a US$253 million commitment from the Green Climate Fund (GCF)—its largest equity investment in Africa to date—alongside the European Investment Bank (EIB), the Nigeria Sovereign Investment Authority (NSIA), and a host of African pension funds.
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