21 October 2026 - Daily Review of Infrastructure Financing and Investment in Africa
21 October 2023
Today's selected developments highlight the role of development finance institutions, export credit agencies and public-private partnerships in supporting infrastructure investment across Africa. Major announcements concern renewable energy projects in Egypt and Côte d'Ivoire, export-backed infrastructure financing in Guinea and Benin, and cooperation to mobilise private capital for green investment. A proposed pan-African private equity investment also points to financing opportunities across a broader range of sectors, including digital infrastructure.
Guinea and Benin - UK Export Finance announces £1.1 billion to support nine infrastructure projects
According to its statement of 20 October, UK Export Finance is supporting nine projects in water, electricity, education and public buildings in Guinea and Benin through financing and guarantees totalling £1.1 billion. The transactions are expected to generate more than £330 million in export contracts for British businesses.
Sources: UK Export Finance · Business Matters · Traders Union
Egypt - EBRD arranges up to US$265 million for a 1.2 GW solar project
The European Bank for Reconstruction and Development (EBRD) has announced a syndicated loan of up to US$265 million for the Nefer Minya solar project in Egypt’s Minya governorate. This forms part of a financing package of up to US$566 million involving DEG, FMO and Proparco, among others. Developed by HAU Energy and Infinity Power, the project includes 1.2 GW of solar capacity and 600 MWh of battery storage. Reports and coverage were published on 20–21 October.
Sources: EBRD · Egypt State Information Service · Shore Africa
Côte d’Ivoire - FMO plans up to €55.5 million for a 50 MW solar plant
According to reports published on 20–21 October, Dutch development bank FMO has agreed to provide up to €55.5 million in long term financing for Kong Solaire in northern Côte d’Ivoire. The 50 MW photovoltaic plant is already under construction.
Sources: pv magazine · Africa Global Funds · Renewables Now · FinanzNachrichten
AfDB and Denmark strengthen cooperation to mobilise private capital in Africa
Reports published on 20–21 October describe strengthened cooperation between the African Development Bank Group and Denmark to support the green transition and mobilise private capital. The memorandum, signed in September and covering the period through 2030, includes cooperation on blended finance, guarantees and risk sharing.
Sources: African Development Bank · Africa Sustainability Matters · Devdiscourse · allAfrica
EIB considers US$85 million investment in a US$500 million pan African fund
According to Africa Private Equity News on 20 October, the European Investment Bank is considering an investment of US$85 million in Virunga Africa Fund II, a pan African private equity fund managed by Admaius Capital Partners with a target size of US$500 million. The fund targets mid sized African companies in sectors including digital infrastructure, healthcare, education and financial services.
Sources: Africa Private Equity News
Information notice
This review has been prepared for information purposes using publicly available sources. The information and opinions reported are those of the cited sources and do not necessarily reflect the views or position of the Secretariat of the Infrastructure Consortium for Africa (ICA) or its members. The selection of content and references to institutions, companies or projects do not constitute endorsement or recommendation. This review does not claim to be exhaustive; readers are encouraged to consult the original sources before making decisions or using the information.