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Swedfund, a Swedish development finance institution, has announced an invement worth over $41 million into the Emerging Africa and Asia Infrastructure Fund (EAAIF).
The project would be excuted under the Private Infrastructure Development Group and managed by 91, an investment manager, according to TechPoint.
This investment aims to tackle the critical infrastructure gaps across Africa, the Levant, and South and Southeast Asia and would prioritise climate action, inclusivity, and sustainable development.
While Africa remains the most energy-deprived continent, accounting for almost 75 percent 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.
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EAAIF focuses on enhancing access to low-carbon infrastructure while driving mitigation and adaptation strategies that support the global transition to net zero.
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).
The fund also provided €20 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.
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.
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