The African Sovereign Wealth and Pension Fund Leaders Forum (ASWPFF) announced and presented its Pan African Green Infrastructure Investment Bank (AGIIB) initiative, during the fifty-third session of the Conference of African Ministers of Finance, Planning and Economic Development, hosted by the UN ECA.
The AGIIB initiative recognises that the African green finance market, is highly fragmented representing a need to create a world class international pan African investment platform to mobilise this financing market and institutional capital at scale.
The Forum’s AGIIB initiatives’ mission, is to create a specialist, independent and commercially run, pan African Green infrastructure Investment Bank, that is both green and profitable, with a pure green focus.
The AGIIB initially seeks to raise $3bn-$5bn from African institutional investors and governments and mobilize approximately $20bn from G7 and G20 investment partners.
The AGIIB’s model, is based on the successful UK Green investment Bank (UKGIB), model, which was seeded with £3.8bn of UK government capital, that has been admired and copied around the world.
Africa needs $100bn per annum for the next 10 years, to address energy poverty across the continent, whilst at the same time has enormous renewable energy potential in the form of 10 terawatts of solar, 350 gigawatts of hydro and 15 gigawatts of geothermal.
The Forum has established a high-level working group of African and international institutional investment leaders, governments and technical advisors, to structure the platform and present it during the upcoming African Union (AU), G7, G20 and COP 26 Summits.
The AGIIB initiative also offers technical assistance opportunities for development partners, to participate in the set-up funding arrangements, where their mandates support catalyzing long-term domestic and international institutional capital for green infrastructure, to assist the continent’s post Covid-19 economic recovery.
Speaking on the initiative, Hubert Danso, the Chairman of the African Sovereign Wealth and Pension Fund Leader’s Forum, said “We are proud to play our role as the continents institutional investment community, to champion and create a specialist green infrastructure investment platform, that supports the continents green transition, creates jobs, increases the continents share of the industrial green global economy, whilst at the same time delivers globally competitive risk adjusted returns for its investors”.
The AGIIB initiative, was presented at a side event, held under the theme: ‘Institutional Investors and Green Investments in the Context of COVID-19, during The fifty-third session of the Conference of African Ministers of Finance, Planning and Economic Development, hosted by the UN ECA.
For more information on the African Green Infrastructure Investment Bank (AGIIB), contact:
Mr. Hubert Danso, Chairman, African Sovereign Wealth and Pension Fund Leader’s Forum
About the African Sovereign Wealth and Pension Fund Leaders Forum
The African Sovereign Wealth and Pension Fund Leaders Forum, comprises the CEO’s, Chairmen and CIO’s, of Africa’s pre-eminent sovereign wealth and pension funds, determined to form new and innovative multi-stakeholder partnerships, to address climate change, the economic fallout of COVID-19, increase investment in African infrastructure, and realize the aspirations of the African Continental Free Trade Area (AfCFTA).