Multinational - Africagogreen founds

The proposed project consists of a USD 10 million ordinary equity investment of the Bank coupled with a USD 10 million junior equity investment of the Sustainable Energy Fund for Africa (SEFA) in the AfricaGoGreen Fund (AGGF). AGGF is a debt fund primarily focused on energy efficiency businesses with the aim of supporting the transition to a low-carbon economy and increased climate resilience for development in Africa. The Fund will have a primary focus on West African countries with prospects for the rest of Africa. Investments will be split across strategic verticals: energy efficient appliances and industrial processes, green buildings, E-mobility, and battery energy storage projects. It will provide debt financing to project developers, manufacturers, distributors, EPC contractors, Energy Service Companies (ESCOs)and local financial institutions. The project primely contributes towards climate mitigation result. As such 100% of the total approval is attributed as climate finance, out of which 100% is mitigation finance.