Abidjan Feb 17 (BNA): The AfricaGoGreen Fund (AGGF) made headlines today by announcing its second successful fundraising close, securing $47 million in pooled investment from major financial institutions, including the International Finance Corporation (IFC). African Development Bank (AfDB), Scandinavian Development Fund (NDF), and Sustainable Energy Fund for Africa (SEFA).
According to the African Development Bank, the financing will allow AGGF to expand its funding for climate-friendly projects in Africa, including procurement of high-efficiency appliances and industrial equipment, retrofitting of existing buildings and new green buildings, and rooftop solar and battery storage installations for residential, commercial and industrial consumers.
IFC has provided $17 million in equity, which includes financing from the IFAD20 Blend Facility. In addition to equity, IFC committed $30 million in debt to the fund, providing AGGF with long-term capital to complete the second fundraising.
The African Development Bank, the Scandinavian Development Fund (link is external) and the Sustainable Energy Fund for Africa each invested $10 million in equity. An additional $10 million in debt from Calvert Impact Capital closed in December 2022.
M