AFC Nears Closing of $500 Million Africa Climate Adaptation Fund
- Group has secured anchor funding from Green Climate Fund
- AFC seeks to fund infrastructure to withstand extreme weather
Ayaan Zeinab Adam at the Bloomberg New Economy Gateway Africa conference in Marrakesh, on June 13.
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AFC Capital Partners secured $300 million in anchor funding led by the United Nations-backed Green Climate Fund, and plans to close the initial phase of an infrastructure-resilience fund by early 2024.
The organization, part of the Lagos, Nigeria-based Africa Finance Corp., is in further talks with other investors and expects the fundraising to later rise to between $450 million and $500 million, said Ayaan Zeinab Adam, AFC Capital’s chief executive officer, in an interview on Tuesday at the Bloomberg New Economy Gateway Africa conference in Marrakesh, Morrocco.