PIC partners with UK finance institution on African infrastructure
Financial terms were not disclosed.
The partnership will mobilise private capital in Africa at scale to expand climate funding and boost the rise of private credit as a new asset class, said Leslie Maasdorp, CEO of BII, the UK government's development finance institution.
Under the memorandum of understanding, PIC, Africa's biggest fund manager, and BII will create a framework to jointly explore co-investment opportunities across Africa.
Priorities include small and medium enterprise financing, financial inclusion, green economy transitions and infrastructure in countries in southern, eastern and western Africa, the PIC said.
Investment opportunities will be considered on a case-by-case basis, a PIC spokesperson said in an email.
Africa faces an annual infrastructure and climate finance gap of more than $100bn (R1.8-trillion), according to the African Development Bank. Many bilateral donors are pulling back due to domestic fiscal and political pressures.
The PIC manages R3-trillion in assets. BII has an Africa portfolio of $5.6bn (R99bn).
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