The African Development Bank Group announced $40 million in mixed capital to the African Green Infrastructure Alliance Project Development Fund.

The Fund seeks to raise $400 million in early-stage mixed development capital to provide a pipeline of green infrastructure projects ready for investment in Africa. The Bank's investment anchors the first close of $118 million for Africa's leading green infrastructure initiative. This milestone marks a new era in mobilizing mixed capital for project development, in order to unlock a solid portfolio of green infrastructure projects ready for investment across the continent

According to Solomon Quaynor, Bank Vice President for Private Sector, Infrastructure and Industrialization, “with these $40 million covering grants, junior equity and commercial capital, the African Development Bank is pioneering a comprehensive approach that will allow unleash Africa's vast green infrastructure potential.”

This investment is much more than just a capital injection. It testifies to the Bank's willingness to share the risks associated with the initial phases of projects with its partner.