Africa50 secured $50 million in commitments from two development finance institutions for a fund designed to prepare climate infrastructure projects for investment across Africa. Italy’s Cassa Depositi e Prestiti committed $40 million to the Alliance for Green Infrastructure in Africa Project Development Fund, while France’s Proparco committed $10 million.
The AGIA-PD fund provides early-stage capital for projects before construction financing is secured. The money can support feasibility studies, technical work, project design and other steps needed to make infrastructure projects ready for debt and equity investors. Africa50 manages the fund and says project development remains a constraint on private infrastructure investment across the continent.
AGIA-PD reached a first close of $118 million in August 2025. Investors included the African Development Bank, Germany’s KfW, the West African Development Bank, the UK Foreign, Commonwealth & Development Office, the Soros Economic Development Fund and the African Climate Foundation. The fund is targeting $400 million in total commitments.
Africa50 says the fund could help create as much as $10 billion of bankable green infrastructure investment opportunities. Projects can span sectors tied to climate resilience and the energy transition. The $50 million commitments were announced during Africa50’s Infra for Africa Forum in Dar es Salaam on Aug. 5.
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Africa50 is backed by African governments and financial institutions and invests in infrastructure development and financing. CDP’s commitment comes through the Italian Climate Fund and supports Italy’s Mattei Plan for Africa. Proparco said its investment is intended to increase the pipeline of green infrastructure projects and support the continent’s energy transition.
Key Takeaways
The $50 million matters because Africa’s infrastructure problem is not only a lack of money for construction. Many projects never reach the stage where banks, pension funds or infrastructure investors can finance them. Before a power plant, transport link or water project can raise large amounts of capital, developers must pay for studies, permits, engineering, legal work and financial structuring.
AGIA-PD is designed to take that early risk. Its $400 million fundraising target is small compared with the $10 billion of investment opportunities Africa50 says it could help create, implying about $25 of potential projects for every $1 of fund capital. That $10 billion is a pipeline target, not committed construction spending, and projects will still need financing and approvals before work starts. The model depends on using development capital to absorb risks that private investors may not take at the start. Adding CDP and Proparco also broadens the group of institutions backing the fund beyond its first close.
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The next measure will be how much of the capital is deployed into projects and how many of those projects reach financial close. Raising money for project preparation addresses one bottleneck; turning prepared projects into operating infrastructure will determine the fund’s impact.
