South Africa’s PIC invests $40 million in Africa50 for infrastructure development
Summary
Africa50 Group, the pan-African infrastructure investor and asset manager, has announced a $40 million investment from South Africas Public Investment Corporation (PIC), acting on behalf of the Government Employees Pension Fund (GEPF).With this move, the PIC becomes Africa50s 36th shareholder, joining 32 African nations, the African Development Bank (AfDB), the Central Bank of West African States (BCEAO), and the Bank Al-Maghrib.The PIC, one of Africas largest asset managers with $141.5 billion in assets under management (AuM), brings significant financial muscle to Africa50s mission of mobilizing African institutional capital for infrastructure development.CEO of Africa50, Alain Ebobiss\xe9, described the PICs entry as a strong market signal, stating:The PICs investment validates Africa50s ability to deliver value for investors and economies. This partnership will leverage our project development expertise and continental reach to accelerate infrastructure delivery, driving sustainable growth. According to him, Africa50s pan-African presence offers a unique opportunity to meet both financial and developmental goals.Africa50s extensive presence and expertise across the continent provides PIC with a valuable opportunity to achieve both financial and developmental objectives in line with our client mandates.This partnership will help address the slow pace of infrastructure development and address the significant infrastructure deficit in Africa. Alliance for Green Infrastructure in Africa (AGIA): A joint initiative with the African Union and AfDB targeting $500 million in blended finance for green infrastructure projects.Earlier in March, the Nigeria Sovereign Investment Authority (NSIA), Sustainable Energy for All (SEforALL), the International Solar Alliance (ISA) and Africa50 had announced an innovative partnership for a US$500 million DRE Nigeria Fund to develop and finance distributed renewable energy (DRE) projects in Nigeria. The aim of the DRE Nigeria Fund is to raise financing to offer tailored financial instruments and attract private sector capital while addressing critical challenges such as currency volatility, tariff structures, and the limited availability of local currency financing options.