Private Infrastructure Development Group (PIDG) company the Emerging Africa Infrastructure Fund (EAIF) has raised $294-million of additional debt facilities, achieving over half of its target to raise $500-million by 2025.

Backed by financial institutions, the package will enable the EAIF’s investment portfolio to expand and meet rising opportunities in frontier and developing economies.

The fund will invest across various infrastructure assets, including those aligned with the energy transition, low-carbon economies and energy efficient, smart cities.

As a PIDG company, the EAIF fulfils the group’s key strategic priorities, focusing on pioneering infrastructure projects that offer an innovative, agile and sustainable approach to delivering essential infrastructure services for economic development, it avers.

Allianz Global Investors led the financing on behalf of insurer and asset manager Allianz Group, committing a further €75-million and $50-million to the EAIF.

African finance institution Standard Bank provided a $75-million multicurrency revolving credit facility with sustainability-linked features and a $25-million sustainability-linked term debt facility.

German State-owned development bank KfW committed a further €60-milllion loan to the EAIF.

The EAIF secured $385-million of debt capital in 2018, with KfW and Allianz among the participating lenders in the funding round, committing €75-million plus $50-million and €75-million and $25-million, respectively.

Ratings agency Moody’s has reaffirmed the EAIF’s foreign currency long-term issuer rating of A2 with a stable outlook.

“Action on climate and nature, together with sustainable development, through new and improved access to infrastructure are the central focus of everything we do at PIDG.

“Marking this significant milestone means we are contributing to the goal of improving climate resilience and economic opportunities for 100-million people by 2030, as outlined in our strategy. But the challenges ahead are too great for any single organisation or country and will require more collaboration. We look forward to being part of this journey alongside our key partners,” says PIDG CEO Philippe Valahu.