Ithmar Capital, World Bank announce first green fund dedicated to Africa
The World Bank Group and Moroccan sovereign investment fund Ithmar Capital have entered into a memorandum of understanding (MoU) for the establishment of a Green Growth Infrastructure Facility (GGIF) for Africa, the first Pan-African fund dedicated to green investment on the continent.
GGIF will be structured as a private capital fund and its objective is to attract private investors with interest in Morocco, or the rest of Africa, who are looking for responsible and green investment opportunities.
Its aim is to work as a catalyst for the transition of Africa to a green economy by supporting low-carbon infrastructure such as clean energy, low-carbon transportation and the efficient use of water resources.
GGIF will be sponsored by the World Bank and Ithmar Capital.
The two organisations will work in close partnership with a range of public and private investors, including regional development banks, sovereign wealth funds and global and regional institutional investors, to increase private capital participation in green infrastructure investments across the continent.
As well as leveraging private capital flows for investment in environmentally sustainable infrastructure, the GGIF will focus on reducing the risk of marginally nonbankable projects to render them viable.
Tools will include innovative mechanisms for project preparation and capital structures.
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