This brings total recent commitments to $620 million, exceeding the fund’s $500 million target well ahead of schedule.

The newly raised funds will be used to finance private infrastructure projects that expand access to energy, transport, water, and digital services, particularly in African countries where such investments are key to economic and social development.

Allianz Global Investors led the new round on behalf of Allianz Group with a €100 million commitment.

ABSA, based in South Africa, invested $75 million, and Standard Bank, a returning lender, added $50 million.

Japan’s Sumitomo Mitsui Banking Corporation (SMBC) contributed another $50 million, while Swedfund, Sweden’s development finance institution, allocated €40 million.

This builds on an earlier $294 million raise completed by EAAIF in early 2024, showing continued investor confidence in the fund’s mission.

Since its launch in 2001, EAAIF has committed over $3 billion to more than 125 infrastructure projects in Africa and Asia.

The fund plays a vital role in closing infrastructure gaps in underserved markets, enabling job creation and long-term growth.

Martijn Proos, co-head of emerging market alternative credit at Ninety One and managing director of EAAIF, said the new capital reflects strong global support for the fund’s strategy.

“By broadening our funding base, we’re able to unlock high-impact investments in infrastructure that can change lives and boost development in fast-growing regions,” he said. Proos also expressed appreciation to all contributing partners.

Neha Bantha, executive vice president for leveraged finance at Standard Bank Corporate & Investment Banking, underscored the importance of the fund.

“This partnership enables us to back transformational infrastructure projects that align with our commitment to drive growth across Africa. We remain focused on delivering financing solutions that support development outcomes on the continent,” she stated.