London, 21 October 2024: The Emerging Africa Infrastructure Fund (EAIF), a Private Infrastructure Development Group (PIDG) company, managed by Ninety One, has announced its expanded mandate to stimulate sustainable infrastructure investment and growth in South and Southeast Asia. EAIF has been consequently renamed the Emerging Africa and Asia Infrastructure Fund (EAAIF).

Infrastructure development in Africa remains a core focus for the Fund’s objective to elevate Africa’s competitiveness in the global economy. The Fund is one of Africa’s leading impact investors and the principal provider of debt finance. The broader scope enables the Fund to catalyse transformative infrastructure investment in dynamic growth markets in Africa and Asia, such as Indonesia, Vietnam, Malaysia and to enhance the resilience of vulnerable communities in low and middle income countries affected by the climate crisis.

Emerging markets in Asia have seen an acceleration of economic growth over the past two decades. According to the Asian Development Bank (ADB), the region requires an estimated $1.7 trillion annual infrastructure investment until 2030 to maintain its growth momentum, improve economic conditions for its population and respond to climate change. Rapid urbanisation rates, climate change, and extreme weather events make communities in Asia increasingly vulnerable to natural disasters, parallel to current trends in Africa. Strategic investment in climate resilient infrastructure is urgently required, particularly in areas such as transport, power, water supply, and sanitation.

EAAIF is uniquely positioned to mobilise capital at scale to accelerate the roll-out of high-impact infrastructure projects in emerging markets. The Fund’s expansion complements PIDG’s geographically diversified offering in Africa and Asia, which already provides guarantees; early-stage infrastructure development activities by taking an equity stake in high-risk projects; and technical assistance.

Philippe Valahu, Chief Executive Officer for PIDG remarked,

“We are delighted to formally expand the Fund’s mandate. The integrated approach will enable EAAIF to benefit from PIDG’s expertise across the two regions and deliver impact at scale”.

Martijn Proos, Co-Head of EM Alternative Credit and Managing Director for EAAIF at Ninety One, noted:

“As sustainable infrastructure financing becomes a more significant priority for countries across the globe, we are delighted to announce EAAIF’s expansion into Asia. This expansion enables the Fund to further diversify its portfolio, and share expertise from the team’s project, corporate and structured finance, asset management, and de-risking expertise across geographies in Asia and Africa – creating economic opportunities that deliver impact and commercially sound returns.

Driving EAAIF’s operations in Asia from Singapore, Roland Janssens, Managing Director, Ninety One Esther Chan & Sumit Kanodia, Director, Ninety One, will spearhead the Fund’s origination and execution efforts in the region.

Roland Janssens, Managing Director, Ninety One, said:

“From a strategic base in Singapore, EAAIF will seek to invest in transformative infrastructure projects in priority sectors such as renewable energy, digital communications and transport. EAAIF will leverage PIDG and Ninety One’s strong track record of investing in Asia to support EAAIF’s participation in Asian infrastructure debt markets and accelerate the transition to a lower-carbon future”.

Ninety One, an active global investment manager, is EAAIF’s fund manager. It invests at the intersection of return and impact and aims to deliver attractive risk-adjusted returns. Ninety One manages a large portfolio of assets in Asia, through various private, corporate and sovereign debt strategies. The strategic expansion of EAAIF is a significant step that will strengthen its balance sheet, diversify its portfolio, and attract investors seeking exposure to infrastructure debt opportunities in both Africa and Asia.