British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, announced on Thursday a commitment of 20-million euros to The Urban Resilience Fund (TURF) launched by Meridiam, an infrastructure specialist with global expertise in developing, financing, and long-term management of sustainable public infrastructure in Africa.
The investment is BII's first investment in an urban infrastructure fund and supports the design and scale of climate-focussed infrastructure projects across sub-Saharan Africa – increasing the affordability, safety, reliability, and climate-resilience of public infrastructure in African cities, a press statement from BII said.
A minimum of 85 per cent of TURF's investments will support climate finance qualifying projects in African cities.
The Fund, the statement said, will invest in:
- Urban mobility such as bus rapid transit and modern cable cars.
- Energy transition including microgrids management.
- Built community environments such as innovative smart city solutions, street lighting, and electric vehicle charging.
- Waste management systems.
BII had previously invested in two Meridian funds – MIAF I and MIAF II which successfully invested across major greenfield and brownfield infrastructure projects. This included two solar parks in Senegal that deliver a combined 60 megawatts (MW).
The investment from BII helps contribute to the UN’s Sustainable Development Goals on industry, innovation and infrastructure (SDG 9); on sustainable cities and communities (SDG 11), and on climate action (SDG 13).
(Writing by SA Kader; Editing by Anoop Menon)