The African Green Infrastructure Investment Bank (AfGIIB) announced its advisory board of African and global institutional investment leaders, representing more than $20 trillion of assets, during the G7-Africa investor Summit, on the sidelines of the G7 Summit in Cornwall, England.
African sovereign wealth and pension funds have been crucial in forming new and innovative multi-stakeholder partnerships that address climate change and the economic recovery from COVID-19, increase investment in African infrastructure, and realize the aspirations of the African Continental Free Trade Area (AfCFTA).
The AfGIIB initiative is an African Union–convened, African institutional-investor-led global finance initiative to catalyze private capital for Africa’s green transition.
The AfGIIB initiative was announced during the March 2021 Conference of African Ministers of Finance, Planning and Economic Development, hosted by the United Nations Economic Commission for Africa. AfGIIB 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.
AfGIIB said its priority was 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, G7, G20 and COP26 Summits.
AfGIIB will also assist the continent and investors in addressing Africa’s requirement for $150 billion to $350 billion for adaptation and $3 trillion of investment capital needed for Nationally Determined Contributions by 2030, as well as leveraging Africa’s renewable energy investment opportunity, estimated at $32 billion per annum, also by 2030.