Pembani Remgro Infrastructure: $80 Million Boost for African Development

The European Investment Bank (EIB) has announced a significant $80 million commitment to the Pembani Remgro Infrastructure Fund II (PRIF II) at the Africa Investment Forum, marking its largest-ever investment in an African fund. The fund aims to address infrastructure gaps in sub-Saharan Africa by investing in renewable energy, digital infrastructure, and transportation projects that align with the EIB's Climate Bank Roadmap. Given Africa's significant $100 billion annual infrastructure financing gap, such investments are crucial to unlocking economic growth and providing essential services. Currently, Africa attains a mere 2% of global clean energy investment despite its renewable potential. PRIF II will also focus on projects that enhance digital connectivity, targeting the approximately 900 million Africans lacking internet access. The fund anticipates creating 1,400 full-time jobs and advancing inclusive growth, gender equality, and opportunities for women and young entrepreneurs. The fund adheres to global environmental and social standards, aiming to leverage additional private and public funding to exceed its target size and deliver impactful projects. This initiative underscores the EIB's contribution to the EU Global Gateway strategy, which aims to mobilize €300 billion for global infrastructure by 2027, with a primary focus on Africa.