L-R Boladale Odunlami, commercial manager, Nestle Nigeria; Akujieze Ejiofor, grand prize winner; Omofasa Orhiunu, category manager, healthy cereals solutions, Nestle Nigeria; and Josue Mbasi, financial controller, Nestle Nigeria, at the Unveiling of the grand prize winner of the Golden Morn Golden Hunt promo in Lagos, on Friday. Pic by Olawale Amoo
Africa Finance Corporation (AFC), the continent’s leading infrastructure solutions provider, has announced a commitment from the Development Bank of Southern Africa (DBSA) to its $750 million Infrastructure Climate Resilient Fund (ICRF).
The agreement, signed at AFC’s ongoing The Africa We Build Summit in Nairobi, marks a significant step in scaling climate adaptation finance across Africa and underscores strengthening African institutional alignment around infrastructure as a catalyst for climate resilience, regional integration, and long-term economic transformation.
Managed by AFC Capital Partners (ACP), the Corporation’s asset management subsidiary, ICRF is a pioneering infrastructure fund designed to climate-proof Africa’s infrastructure by embedding resilience measures across the entire asset lifecycle, from planning and design through to construction and operation. The Fund directly addresses a critical development challenge facing the continent: ensuring infrastructure systems can withstand increasingly severe and unpredictable climate impacts.
DBSA’s commitment to ICRF reinforces growing African institutional alignment and momentum around climate-resilient infrastructure as a distinct and investable asset class.
The Fund has already attracted strong participation from leading global and African institutional investors, including a $253 million commitment from the Green Climate Fund (GCF), its largest equity investment in Africa to date, alongside the European Investment Bank (EIB), the Nigeria Sovereign Investment Authority (NSIA), and a host of African pension funds.
DBSA’s entry further strengthens the Fund’s position as a pioneering vehicle for mobilising climate finance into transformative climate-resilient infrastructure across Africa.
ICRF is structured to attract both public and private capital into infrastructure projects that integrate climate resilience from the outset. By combining concessional and commercial capital, the Fund addresses long-standing market barriers that have historically constrained investment in climate adaptation in Africa. Through blended finance and targeted de-risking mechanisms, the Fund enables the integration of resilience measures that would otherwise be difficult to finance, thereby unlocking private capital at scale.
Samaila Zubairu, president & CEO of Africa Finance Corporation commented, said, ” ICRF is our response to a defining challenge, ensuring Africa’s infrastructure is built to withstand the growing impacts of climate change. With the continent losing an estimated 2 percent to 5 percent of GDP annually to climate shocks and adaptation needs reaching up to $50 billion each year, the urgency is clear. We are therefore pleased to welcome DBSA as a key partner for the Fund. Their participation reflects strong African institutional alignment and marks a significant milestone in a partnership we look forward to deepening in the years ahead”
Boitumelo Mosako, chief executive officer of the Development Bank of Southern Africa commented: “Africa does not have the luxury of waiting. Climate shocks are outpacing adaptation finance, and vulnerable communities continue to bear the greatest burden. This partnership with the Africa Finance Corporation sends a clear signal that development finance institutions are pooling their mandates, capital, and risk appetite to achieve what neither institution can accomplish alone.”
