AIF 2024: EIB strengthens support for Africa with record investment and strategic partnerships

December 6, 2024 by European Investment Bank Leave a Comment

This article is published in association with European Investment Bank.

$80 million will be invested in the Pembani Remgro Infrastructure Fund II, the EIB’s largest commitment to an African fund.
A milestone partnership with Seedstars Africa Ventures for African entrepreneurship and gender inclusion is being backed by the Boost Africa programme.
EIB Global is reinforcing its commitment to EU Global Gateway strategy for sustainable development through innovation, climate action and inclusive growth.

The European Investment Bank (EIB) announced significant new commitments to drive sustainable development and economic inclusion across Africa at the 2024 Africa Investment Forum (AIF) held in Rabat, Morocco from 4 to 6 December. With €21 billion invested over the past five years, including €8.9 billion in private sector financing, the EIB is reaffirming its position as a trusted, long-term partner for the continent.

$80 million for resilient and job-creating infrastructure

The EIB has committed $80 million to the Pembani Remgro Infrastructure Fund II (PRIF II), its largest-ever investment in an African fund. PRIF II focuses on transformative infrastructure projects – including renewable energy, digital infrastructure and transportation – that advance climate action and sustainable development across sub-Saharan Africa.

This investment supports the EU Global Gateway strategy, which aims to mobilise €300 billion for global infrastructure, with half dedicated to Africa by 2027. By leveraging EIB participation, the fund manager has exceeded its target size, reaching $355 million in total commitments, enhancing its capacity to deliver on the ground.

Driving entrepreneurship and innovation with Seedstars Africa Ventures

The EIB and the African Development Bank (AfDB) have jointly invested in Seedstars Africa Ventures Fund I, a $30 million initiative to provide risk capital to African startups. This fund, supported by the Boost Africa programme, promotes digitalisation and innovation while prioritising gender inclusion and entrepreneurship.

By leveraging expertise from Seedstars, a global technology hub network, and LBO France, a leading European private equity firm, the fund addresses a critical financing gap in Africa’s startup ecosystem.

A renewed climate and social commitment

As the EU climate bank, the EIB dedicates over 50% of its financing in Africa to projects tackling climate and environmental challenges. Projects such as the Noor Ouarzazate solar plant in Morocco and the Lake Turkana wind farm in Kenya exemplify the EU bank’s dedication to supporting Africa’s green transition while giving priority to projects that empower women, young entrepreneurs and vulnerable communities.

EIB support for the Africa Investment Forum

As a founding partner of the AIF since 2018, the EIB remains committed to mobilising capital in Africa, thereby reinforcing its role as a strategic partner for the continent’s sustainable future.

EIB Vice-President Ambroise Fayolle said: “Our investments in Pembani Remgro Infrastructure Fund II and Seedstars Africa Ventures reflect the EIB’s strong commitment to Africa. Through the Global Gateway and EIB Global, we align our efforts with Africa’s development priorities, addressing critical needs in infrastructure, innovation and climate action.”

Background information

EIB

The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives.

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in the Global Gateway. We aim to support €100 billion of investment by the end of 2027, around one-third of the overall target of this EU initiative. With Team Europe, EIB Global fosters strong, focused partnerships, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to people, companies and institutions through our offices around the world.

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