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Signature(s)

Amount
€ 71,742,873.53
Sector(s)
Energy : € 16,500,860.91
Transport : € 27,262,291.94
Telecom : € 27,979,720.68
Signature date(s)
1/12/2022 : € 16,500,860.91
1/12/2022 : € 27,262,291.94
1/12/2022 : € 27,979,720.68

Summary sheet

Release date
21 March 2022
Status
Reference
Signed | 01/12/2022
20210726
Project name
Promoter - financial intermediary
AFRICAN INFRASTRUCTURE INVESTMENT FUND 4
AFRICAN INFRASTRUCTURE INVESTMENT MANAGERS (PTY) LTD
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
USD 75 million (EUR 75 million)
USD 500 million (EUR 499 million)
Location
Sector(s)
  • Energy - Electricity, gas, steam and air conditioning supply
  • Transport - Transportation and storage
  • Telecom - Information and communication
Description
Objectives

Equity fund focusing on value-add infrastructure assets (mainly construction and growth assets) in Africa, with a focus on sub-Saharan Africa.

The investment team targets both new and existing assets and intends to apply for the latter a buy and build strategy that consists of acquiring controlling stakes in mature operational assets and then developing and optimising them further. The investment team targets essential African infrastructure assets in the mobility and logistics, power and energy transition (specifically renewable energy), as well as digital sectors across mainly in sub-Saharan countries.

Additionality and Impact

EIB's investment supports the investment strategy of an established fund manager to create / enhance value of infrastructure assets in transportation, digitalisation, climate action and environmental sectors in sub-Saharan Africa. It also supports the introduction of high standard of environmental, social and governance ("ESG") best practices in the portfolio companies.


The Fund is focused on sectors with significant growth potential in underserved markets. The operation will address the market failure in risk-assessment that is hindering the development of greenfield infrastructure assets and infrastructure operating companies in the region. It also addresses the gap between supply and demand that are closely linked to lack of capacity and availability of funding for such assets.


An EIB investment is seen an essential component for the Fund to achieve (i) the target fund size, and (ii) crowd-in new investors.


The Fund Manager has demonstrated willingness to introduce structural enhancements to be in compliance with EIB Group policies and best market practice.


The proposal will deliver on several EIB objectives outside the EU. It will contribute to the European Commission's Global Gateway strategy, the Digital4Development policy, the European Green Deal, the Circular Economy Action Plan and priority for Sustainable growth and jobs.

Environmental aspects
Procurement

The fund will be required to have an environmental and social policy and the appropriate management systems in place so as to comply with the social requirements of the Bank. The assessment of the environmental, climate and social impacts and risks will be part of the standard due diligence process that the fund will have to carry out for each portfolio company and any underlying investment and, thereby ensuring that the portfolio and these investments are in compliance with national law and in line with the principles and standards of relevant EU environmental legislation as well as the EIB's Environmental and Social Standards.

The EIB will require the fund manager to take all requisite measures to ensure that contracts for implementation of the projects financed by the fund will be tendered in line with the Bank's Guide to Procurement.

Link to source

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Documents

Environmental and Social Data Sheet (ESDS) - AFRICAN INFRASTRUCTURE INVESTMENT FUND 4
Publication Date
26 Nov 2022
Document language
Main Topic
Lending
Document Number
158965615
Document Focus
Environmental Information
Project Number
20210726
Countries
Publicly available
Download now

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