The Board of the African Development Bank (AFDB) has approved a $10 million stake in the Alliance for Green Infrastructure in Africa Project Development (AGIA-PD) fund.
The AFDB announced in a statement this week that the AGIA-PD fund, is a critical component of the Alliance for Green Infrastructure in Africa (#AGIA). The $10 billion initiative led by the Bank, is in collaboration with the African Union Commission, Africa50, and other key partners.
Solomon Quaynor, African Development Bank Group Vice President for Private Sector, Infrastructure and Industrialization, said
the initiative will bridge the gap in green infrastructure on the continent, by fostering collaboration with African nations and the private sector to prepare and develop resilient and transformative green infrastructure projects swiftly and on a large scale.
“The AGIA-PD is a strategic investment, co-managed by the Bank, to transform concepts into bankable green infrastructure projects quickly and at scale. It will invest in the development of green infrastructure projects to produce a financial yield and to have an impact on development,” he said.
Amadou Hott, Special Envoy to the President of the African Development Bank Group, Akinwumi Adesina, and global ambassador for the AGIA, said the AGIA’s vision is to speed up the deployment of transformative green infrastructure projects by creating a robust partnership between the different actors and targeting the entire green infrastructure project preparation, development and funding ecosystem, working with both emerging and established actors.