JOHANNESBURG - The Emerging Africa Infrastructure Fund (EAIF) on Tuesday announced that it has successfully completed its latest fundraising round, raising U.S.$385 million in new long-term debt capital to invest in Africa.
The EAIF, which is managed by Investec Asset Management (IAM), said that the new funds will be used over the next five years to continue its core strategy of mobilising private sector capital for investment in infrastructure projects, mainly in fragile states.
EAIF is able to invest in eight infrastructure sectors and is now well-established as a skilled provider of debt to solar and renewable power projects, in addition to areas like transport, water and telecommunications.
In 2017 alone, EAIF provided finance to independent power producers that will bring 90MW of new solar power to Africa, representing some 50 percent of EAIF's loans portfolio. Since 2015, it has backed renewables projects in Mali, Mozambique, Rwanda and Uganda.