AfDB commits $10m to KawiSafi Fund for Africa's climate startups
TLDR
- AfDB approves $10 million investment in KawiSafi II Fund to support climate-focused initiatives in Africa.
- KawiSafi II Fund targets energy transition, productivity, mobility, and logistics investment gaps in sub-Saharan Africa.
- Fund includes $10 million technical assistance facility to enhance climate impact and ESG risk management.
The African Development Bank Group (AfDB) has approved a $10 million junior equity investment in the KawiSafi II Fund, aiming to bolster local businesses in developing and scaling climate-focused initiatives that aid vulnerable communities.
The KawiSafi II Fund, valued at $200 million, targets investment gaps in energy transition, productivity, mobility, and logistics across sub-Saharan Africa. The fund also includes a $10 million technical assistance facility to optimize climate impact and improve environmental, social, and governance (ESG) risk management.
The AfDB's contribution will come from the Sustainable Energy Fund for Africa (SEFA), a catalytic financing mechanism overseen by the Bank Group.
Key Takeaways
KawiSafi is part of a rising cohort of climate-focused funds concentrating on Africa, joining notable initiatives such as Novastar Ventures' Africa People + Planet Fund, Equator's fund, and the Catalyst Fund. This growing investment emphasis holds promising prospects for the continent's capacity to address climate change and foster a sustainable future. KawiSafi Fund I, a $67 million off-grid energy fund established in 2016 and backed by Acumen Fund, has invested in companies such as d.light, Bboxx, and BioLite.
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