BAKU, Azerbaijan, December 6. The European Investment Bank (EIB) has announced an $80 million equity investment in the Pembani Remgro Infrastructure Fund II (PRIF II) to support infrastructure projects in sub-Saharan Africa, TurkicWorld reports.
The commitment, unveiled at the Africa Investment Forum, will focus on renewable energy, digital infrastructure, and transportation, aiming to address critical challenges in climate action, sustainability, and economic development.
Africa faces an annual $100 billion infrastructure financing gap, limiting growth and access to services. PRIF II aims to bridge this gap by investing in climate-resilient and sustainable projects aligned with the EIB’s Climate Bank Roadmap. Initial investments will target an Africa-wide data center platform to improve digital connectivity for the 900 million people on the continent still without internet access.
"This $80 million commitment is the EIB’s largest to an African fund and reflects our dedication to tackling clean energy, digital access, and transport connectivity challenges while creating jobs," said EIB Vice-President Ambroise Fayolle.
Herc van Wyk, CEO of PRIF II, welcomed the EIB’s participation, emphasizing the fund’s focus on addressing Africa’s infrastructure needs through long-term partnerships.
The EIB’s contribution will help PRIF II leverage additional funding, bringing total commitments to $355 million. This initiative aligns with the EU Global Gateway strategy, which aims to mobilize 300 billion euros globally by 2027, with a significant portion dedicated to African infrastructure development.
