The African Green Infrastructure Investment Bank (AfGIIB), today announced its Advisory Board of African and global institutional investment leaders, representing over $20trn of assets under management and advisement. The announcement took place during the G7-Africa investor Summit, held in association with the G7’s institutional Investor Leaders Network (ILN), on the sidelines of the G7 Summit in Cornwall.
African sovereign wealth and pension funds have been crucial to form new and innovative multi-stakeholder partnerships; that address climate change; the economic recovery of COVID-19; increase investment in African infrastructure; and realize the aspirations of the African Continental Free Trade Area (AfCFTA).
The African Green Infrastructure Investment Bank (AfGIIB) initiative is an African Union-convened, African institutional investor-led, global finance initiative, to catalyze private capital for Africa’s green transition, in the run up to COP27 in Africa and beyond.
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African Green Infrastructure Investment Bank
The AfGIIB was announced during the March 2021 Conference of African Ministers of Finance, Planning and Economic Development, hosted by the United Nations United Nations Economic Commission for Africa.
The AfGIIB initiative recognizes that the African green infrastructure finance market is highly fragmented, representing a need to create a world class international pan African investment platform to mobilize this financing market and institutional capital at scale.
The AfGIIB’s mission, is to create a specialist, independent, catalytic and commercially run, pan African Green infrastructure Investment Bank, to catalyze private capital to accelerate Africa’s green transition. The AfGIIB will also assist the continent and investors address:
- Africa’s requirement for $150bn-$350bn for adaption by 2030;
- The $3trn of investment capital needed for Nationally Determined Contributions (NDCs) by 2030; and
- Leverage Africa’s renewable energy investment opportunity, that is estimated to be $32bn per annum by 2030.
AfGIIB announced during the Conference of African Ministers of Finance, Planning and Economic Development, hosted by the United Nations United Nations Economic Commission for Africa, that its immediate priority would be to establish a high-level Advisory board of African and international institutional investment leaders, governments and technical advisors, to structure the platform and present progress updates, during the upcoming African Union (AU), G7, G20, COP26 Summits.
Source: Ai Africa plc
