Joy Agwunobi
Swedfund, Sweden’s development finance institution, has committed €40 million to the Emerging Africa & Asia Infrastructure Fund (EAAIF) to tackle infrastructure deficits across Africa, the Levant, and South and Southeast Asia.
The investment, managed by Ninety One under the Private Infrastructure Development Group (PIDG), aims to accelerate climate action and foster inclusive and sustainable development.
The initiative comes in response to infrastructure gaps identified in these regions, particularly in energy access. According to the Asian Development Bank, Africa remains the most energy-deficient continent, with 75 per cent of the global population lacking electricity. In Asia and the Pacific, over 350 million people have limited electricity access, while 150 million lack it entirely.
Beyond energy, deficiencies in digital connectivity and essential services continue to hinder economic growth, especially in South Asia and sub-Saharan Africa.
EAAIF focuses on expanding access to low-carbon infrastructure, emphasising climate resilience and industrialisation while supporting global net-zero targets. Since its inception in 2001, the fund has provided over US$2.5 billion in debt capital to high-impact infrastructure projects across Africa and Asia.
A good example is the $42 million funding for the Biovea biomass plant in Côte d’Ivoire. The 46MW facility is expected to improve income for 12,000 local outgrowers, provide reliable electricity to 743,000 consumers, and reduce carbon emissions by 120,000 tons annually.
Swedfund’s investment will be directed toward climate-resilient infrastructure projects that enhance adaptation efforts, facilitate net-zero transitions, and improve digital connectivity. PIDG’s technical assistance will also be available to support resilience-building in underserved communities, ensuring positive gender, inclusion, climate, and nature outcomes.
With the backing of private sector partners such as Allianz and Standard Bank, Swedfund strengthens EAAIF’s capacity to implement high-impact projects in challenging markets.
Jérémie Hoffsaes from Swedfund’s Energy & Climate team emphasised that EAAIF plays a crucial role in financing transformative infrastructure projects. He highlighted the need to shift perceptions of risk in African infrastructure investments, which is essential for mobilising private capital and developing robust capital markets.
Martijn Proos, Co-Head of Emerging Market Alternative Credit at Ninety One, noted that Swedfund’s commitment would have long-term effects, enabling the delivery of climate-resilient and inclusive infrastructure projects that drive economic transformation. He stressed that quality infrastructure creates lasting benefits for people and businesses, extending beyond the immediate project locations.
