EAAIF Completes $325M Debt raise to Accelerate Emerging Market Infrastructure

London (Capital Markets in Africa): The Emerging Africa & Asia Infrastructure Fund (EAAIF), a Private Infrastructure Development Group (PIDG) company managed by Ninety One, has successfully raised $325 million in new debt facilities, bringing recent commitments to $620 million and exceeding the Fund’s $500 million target ahead of schedule. The debt raise cements EAAIF’s position as the go-to partner for investors to access scalable, and untapped opportunities in the emerging market infrastructure debt asset class, through an A2 rated (Moody’s) lending platform. 

Allianz Global Investors (AGI) led the financing on behalf of Allianz Group, one of the world’s leading insurers and asset managers, committing €100 million to EAAIF. One of South Africa’s largest financial services organisations, ABSA, provided $75 million. Standard Bank, Africa’s largest lender by assets, contributed an additional $50 million to facilities already provided. Japanese multinational bank Sumitomo Mitsui Banking Corporation (SMBC) extended a $50 million credit facility, while Swedfund, Sweden’s development finance institution, allocated €40 million. The new debt package builds on EAAIF’s $294 million capital raise secured in 2024. 

This demonstrates the Fund’s ability to mobilise a global community of public and private investors united by a shared purpose of channeling capital, innovation, and expertise to expand infrastructure debt markets in Africa and Asia. The new debt finance package will support EAAIF’s ambition to generate sustainable development impact and deliver positive returns. The financing will enable $1 billion of investment by the Fund in next-generation infrastructure across Africa and Asia by 2028. EAAIF’s investment strategy targets assets that advance digital economies, scale transition infrastructure, and reshape power markets. 

The successful debt raise comes at a critical time. The Asia-Pacific region alone faces a shortfall of at least $800 billion in climate financing, while just c.23% of Africa’s climate finance needs are currently met. Action on climate is at the heart of PIDG’s strategy, which aims to improve economic resilience and climate opportunities for 100 million people by 2030. As one of Africa’s longest-serving infrastructure debt providers, EAAIF draws on the Group’s whole life-cycle approach – spanning project development, financing, and long-term sustainability – to transform economies and improve lives, while delivering meaningful action on climate adaptation, resilience, and mitigation.

Since its inception in 2001, EAAIF has committed over $3 billion to more than 125 infrastructure projects across 25+ countries and 10 sectors in Africa and Asia. In 2024, Moody’s reaffirmed the Fund’s foreign currency long-term issuer rating of A2 with a stable outlook and minimal default rate, reinforcing its position as a leading instrument for investors seeking investment protection, returns, and exposure to Africa and Asia’s growing infrastructure asset class.

Martijn Proos, Co-head of EM alternative Credit at Ninety One and Managing Director for EAAIF, said: “These successful subsequent debt raises highlight global investors’ confidence in EAAIF’s ability to create attractive investment solutions that seize untapped opportunities in fast-growth markets. By strengthening our capital base and diversifying our funding sources, we are favourably positioned to drive business growth and economic transformation through private infrastructure debt investment in pioneering infrastructure. We thank Allianz, ABSA, Standard Bank, SMBC, and Swedfund for their continued support.”

Philippe Valahu, CEO of PIDG, said: “As a PIDG company, EAAIF is driven by a vision of delivering essential infrastructure that unlocks economic opportunities in the markets where we invest. This milestone is a significant step forward for PIDG, which aims to deliver $9 billion in new commitments for infrastructure and mobilise $25 billion in additional finance by 2030. We look forward to continuing this journey alongside our partners as we develop innovative mobilisation strategies across the project lifecycle to deliver progress in the regions where we operate.”

Maria Håkansson, CEO of Swedfund, Sweden’s development finance institution, said: “The EAAIF has a critical role to play in financing high-impact infrastructure projects across Africa, while challenging risk perceptions around African infrastructure investment and mobilising private capital. This is essential to closing the financing gap and building capital markets to achieve better environmental and social impact.”

Neha Bantha, Executive Vice President for Leveraged Finance at Standard Bank Corporate & Investment Banking said: “We are proud to be part of this consortium which will enable funding for strategic infrastructure projects that underline our broader purpose, to drive Africa’s growth. This transaction forms a cog in our broader wheel of innovative financing and objective to deliver structured capital solutions that help our partners and clients deliver for the continent and we look forward to future partnership opportunities that leverage Africa’s immense potential.”    

Nisrin Abouelezz, Managing Director and Head of Africa Group of SMBC said: “SMBC is pleased to partner with EAAIF in this year’s debt raise which aligns well with SMBC’s own strategy for sustainability and social value creation. SMBC continues to support our clients as they further global energy transition, while supporting social infrastructure and value creation on the African and Asian continent.”  

Shyam Ganda, Director – Global Finance, ABSA, said: “As a Pan-African bank, Absa is proud to partner with EAAIF in supporting projects which will accelerate infrastructure development for lasting impact –  bridging Africa and Asia’s long-term financing gap, whilst supporting economic growth and renewable energy expansion.”  

About EAAIF
The Emerging Africa & Asia Infrastructure Fund (EAAIF) is a blended finance vehicle that raises and deploys public and private debt capital to transformative infrastructure projects across Africa, the Levant and South and Southeast Asia. EAAIF provides various debt products on commercial terms to infrastructure projects primarily owned, actively managed, and operated by the best in private sector expertise. The Fund helps create the infrastructure framework that is essential to stimulate economic stability, business confidence, job creation and poverty reduction. EAAIF’s committed loan portfolio is US$1.5bn, invested across 25 countries and 10 infrastructure sectors. EAAIF is part of the Private Infrastructure Development Group (PIDG). EAAIF was established and substantially funded by the governments of the United Kingdom, The Netherlands, Switzerland, and Sweden. In addition, it raises its debt capital from public and private financiers. EAAIF is managed by Ninety One. www.eaif.com

About PIDG
The Private Infrastructure Development Group (PIDG) is an innovative infrastructure project developer and investor which mobilises private investment in sustainable and inclusive infrastructure in sub-Saharan Africa and south and south-east Asia. PIDG investments promote socio-economic development within a just transition to net zero emissions, combat poverty and contribute to the Sustainable Development Goals (SDGs). PIDG delivers its ambition in line with its values of pioneering, partnership, safety, inclusivity, and urgency.

PIDG offers Technical Assistance for upstream, early-stage activities and concessional capital; its project development arm – InfraCo – invests in early-stage project development and project and corporate equity. PIDG credit solutions include EAAIF (the Emerging Africa & Asia Infrastructure Fund), one of the first and more successful blended debt funds in low-income markets; GuarantCo, its guarantee arm that provides credit enhancement and local currency solutions to de-risk projects; and a growing portfolio of local credit enhancement facilities, which unlocks domestic institutional capital for infrastructure financing.

Since 2002, PIDG has supported 233 infrastructure projects to financial close, which provided an estimated 230 million people with access to new or improved infrastructure. PIDG is funded by the governments of the United Kingdom, the Netherlands, Switzerland, Australia, Sweden, Global Affairs Canada and Germany. www.pidg.org

About Ninety One
Ninety One is an active, global investment manager managing $168.8 billion in assets (31.03.25). Our goal is to provide long-term investment returns for our clients while making a positive difference to people and the planet. Established in South Africa in 1991, as Investec Asset Management, the firm began as a small start-up offering domestic investments in an emerging market. In 2020, as a global firm proud of our emerging market roots, we demerged to become Ninety One.  We are committed to developing specialist investment teams organically. Our heritage and approach let us bring a different perspective to active and sustainable investing across equities, fixed income, multi-asset and alternatives to our clients – institutions, advisors and individual investors around the world. For more information, please visit NinetyOne.com

Notes to Editors
Emerging Africa & Asia Infrastructure Fund
Media Contact: Tom Collins | tcollins@africapractice.com