The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, has raised $325m in new debt facilities, bringing recent commitments to $620m and exceeding the Fund’s $500m target ahead of schedule.
The debt raise cements EAAIF’s position as the go-to partner for investors to access scalable, and untapped opportunities in the emerging market infrastructure debt asset class, through an A2 rated (Moody’s) lending platform.
According to EAAIF, Allianz Global Investors (AGI) led the financing on behalf of Allianz Group, committing €100m to EAAIF. One of South Africa’s largest financial services organisations, ABSA, provided $75m.
Standard Bank, Africa’s largest lender by assets, contributed an additional $50m to facilities already provided. Japanese multinational bank Sumitomo Mitsui Banking Corporation (SMBC) extended a $50m credit facility, while Swedfund, Sweden’s development finance institution, allocated €40m. The new debt package builds on EAAIF’s $294m capital raise secured in 2024.
The group noted that the new debt finance package will support EAAIF’s ambition to generate sustainable development impact and deliver positive returns.
It added that the financing will enable $1bn of investment by the Fund in next-generation infrastructure across Africa and Asia by 2028. EAAIF’s investment strategy targets assets that advance digital economies, scale transition infrastructure, and reshape power markets.
“The successful debt raise comes at a critical time. The Asia-Pacific region alone faces a shortfall of at least $800bn in climate financing, while just c.23 per cent of Africa’s climate finance needs are currently met.
“Action on climate is at the heart of PIDG’s strategy, which aims to improve economic resilience and climate opportunities for 100 million people by 2030.
“As one of Africa’s longest-serving infrastructure debt providers, EAAIF draws on the Group’s whole life-cycle approach – spanning project development, financing, and long-term sustainability – to transform economies and improve lives, while delivering meaningful action on climate adaptation, resilience, and mitigation,” it said.
According to the group, since its inception in 2001, EAAIF has committed over $3bn to more than 125 infrastructure projects across 25+ countries and 10 sectors in Africa and Asia.
In 2024, Moody’s reaffirmed the Fund’s foreign currency long-term issuer rating of A2 with a stable outlook and minimal default rate, reinforcing its position as a leading instrument for investors seeking investment protection, returns, and exposure to Africa and Asia’s growing infrastructure asset class.
Co-head of EM alternative Credit at Ninety One and Managing Director for EAAIF, Martijn Proos said that the successful subsequent debt raises highlight global investors’ confidence in EAAIF’s ability to create attractive investment solutions that seize untapped opportunities in fast-growth markets.
“By strengthening our capital base and diversifying our funding sources, we are favourably positioned to drive business growth and economic transformation through private infrastructure debt investment in pioneering infrastructure. We thank Allianz, ABSA, Standard Bank, SMBC, and SwedFund for their continued support,” Proos said.
CEO of PIDG, Philippe Valahu said that as a PIDG company, EAAIF is driven by a vision of delivering essential infrastructure that unlocks economic opportunities in the markets where we invest.
“This milestone is a significant step forward for PIDG, which aims to deliver $9bn in new commitments for infrastructure and mobilise $25bn in additional finance by 2030. We look forward to continuing this journey alongside our partners as we develop innovative mobilisation strategies across the project lifecycle to deliver progress in the regions where we operate,” he said.
CEO of Swedfund, Sweden’s development finance institution, Maria Håkansson said that the EAAIF has a critical role to play in financing high-impact infrastructure projects across Africa, while challenging risk perceptions around African infrastructure investment and mobilising private capital.
She noted that is essential to closing the financing gap and building capital markets to achieve better environmental and social impact.
Executive Vice President for Leveraged Finance at Standard Bank Corporate & Investment Banking , Neha Bantha said: “We are proud to be part of this consortium which will enable funding for strategic infrastructure projects that underline our broader purpose, to drive Africa’s growth. This transaction forms a cog in our broader wheel of innovative financing and objective to deliver structured capital solutions that help our partners and clients deliver for the continent and we look forward to future partnership opportunities that leverage Africa’s immense potential”.
