PIDG 2019 Annual Review published – 8 projects for EAIF
In 2019, PIDG committed $479m to infrastructure projects in the energy, water, transport, housing and manufacturing sector, enabling access to life-changing infrastructure for 6.8m people, and creating 700 long-term jobs and 11,000 short-term jobs. 63% of investment commitments were to projects in fragile and conflict affected states and 45% were to projects in least developed or other low-income countries, boosting economic growth and alleviating poverty.
The Emerging Africa Infrastructure Fund invested US$241.8 million during 2019 in 8 projects, of which 4 reached financial close. EAIF made its first investment in affordable housing. It was the anchor investor in the financing of Acorn Housing Ltd, which is building affordable accommodation for 5,000 students in Nairobi. The transaction was also EAIF’s first to be denominated in a local currency (Kenyan Shilling). Projects supported by EAIF created 5,750 short term jobs, mainly in construction, and 360 permanent jobs in management and operational roles in completed facilities. Three EAIF-backed clean energy plants, in Uganda and Mozambique, came into operation during the year. The Gabon Special Economic Zone Port opened fully, as did the Kpone IPP in Ghana. During 2019, EAIF’s managers became Ninety One (formerly Investec Asset Management). The long-serving EAIF team at Ninety One was unchanged and new members were recruited in the course of the year.
In the report, PIDG has mapped the direct and indirect benefits emerging from its infrastructure investments and its contribution to Sustainable Development Goals, putting the spotlight on three key areas:
- Its approach to consider climate change in PIDG investment decisions and PIDG commitment to climate action.
- Its work to safeguard and empower women and girls as part of PIDG Gender Equity Action Plan.
- Its commitment to Health Safety Environmental and Social Standards (HSES) which is at the heart of what we do.