Swedfund supports Africa’s digital and climate infrastructure with $41 million investment

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January 29, 2025
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2 min read
funding
  • Swedfund, a Swedish development finance institution, is investing over $41 million (€40 million) into the Emerging Africa & Asia Infrastructure Fund (EAAIF), a project under the Private Infrastructure Development Group (PIDG) and managed by Ninety One, an investment manager. 
  • This investment aims to tackle the critical infrastructure gaps across Africa, the Levant, and South and Southeast Asia. The fund will prioritise climate action, inclusivity, and sustainable development.

While Africa remains the most energy-deprived continent, accounting for almost 75 per cent of the global population without access to electricity, Asia and the Pacific also suffer limited electricity access, with over 150 million lacking it entirely and 350 million having minimal access. This shortfall extends beyond energy, affecting digital connectivity and restricting access to essential services, particularly in South Asia and sub-Saharan Africa. 

EAAIF focuses on enhancing access to low-carbon infrastructure while driving mitigation and adaptation strategies that support the global transition to net zero. Its goal is to enable climate-resilient, inclusive infrastructure projects that drive economic transformation.

Since its launch in 2001, EAAIF has deployed patient debt capital to a diverse portfolio of high-impact infrastructure projects across Africa and Asia, totalling more than $2.5 billion. It has backed 96 infrastructure projects across 10 sectors in over 20 African nations.

In 2023, Swedfund supported E3 Capital and Lion's Head's $48 million first close on their E3 Low Carbon Economy Fund for Africa (E3LCEF). In October of that same year, it participated in the equity round for Husk Power’s $103 million series D funding.

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The fund also provided €20 million ($20.816 million) in debt financing for Cote d’Ivoire’s 46MW Biovea biomass plant, supplying electricity to 743,000 consumers and reducing carbon emissions by 120,000 tonnes annually.

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In July 2024, Swedfund invested $30 million in Access Bank Nigeria plc to support underserved micro, small, and medium enterprises (MSMEs), providing long-term capital and capacity building to the unbanked and underbanked Nigerian businesses.

This latest investment will leverage the fund’s partnership with major private sector players like Allianz and Standard Bank to deliver high-impact projects in complex markets.

“This quality infrastructure will help people and businesses plan for the future with confidence,” Martijn Proos, Co-Head of Emerging Market Alternative Credit, Ninety One, concludes.

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