Africa: Prosper Africa Announces Catalytic Capital Awards At the Concordia Summit to Boost Climate-Smart and Resilient Infrastructure in Africa

24 September 2024
Prosper Africa (Washington, DC)

New York, Ny — Today, at the Concordia Summit, Prosper Africa Coordinator British A. Robinson, alongside key partners Invesco, ImpactA Global, and Legal & General, announced two catalytic capital awards aimed at mobilizing over $800 million in private investment for resilient infrastructure and adaptation finance in Africa. These announcements mark a significant step in driving mainstream institutional investment into African markets, a critical component of Prosper Africa's mission to empower businesses and investors with market insights, deal support, and financing opportunities.

"In a world facing increasing climate challenges, Africa stands at the forefront of both risk and opportunity," said British A. Robinson, Prosper Africa Coordinator. "Today's announcement of two catalytic capital awards to Invesco's Climate Action Adaptation Fund and ImpactA's Sustainable Infrastructure Debt Strategy is a testament to the U.S. Government's commitment to closing the investment gap and building a sustainable future for Africa."

The two $5 million awards, part of Prosper Africa's investment initiative, will serve as first-loss capital in the strategies managed by Invesco and ImpactA Global. This critical capital injection is designed to reduce investment risk and attract new institutional investors who might otherwise be hesitant to engage in Africa-focused investments.

The awards include:

  • ImpactA Sustainable Infrastructure Debt Strategy: Managed by ImpactA Global, with support from Legal & General, this strategy focuses on financing sustainable infrastructure projects in Africa and other emerging market countries. It will enhance the region's climate resilience by supporting projects that align with adaptation and sustainability goals.Invesco Climate Adaptation Action Strategy: Led by Invesco, this strategy will be dedicated to adaptation finance, investing in projects that bolster climate resilience across the globe. The strategy is poised to bring transformative change by addressing the urgent need for climate-smart infrastructure.
  • The strategy will be managed by the Invesco Fixed Income Global Debt and Asia Fixed Income teams. The strategy will focus on Emerging Markets and Developing Economies with a tilt towards the most vulnerable regions to climate change such as Least Developed Countries, Small Islands and Africa. Public Finance Institutions are playing a catalytic role in blended finance funds to help derisk institutional capital hence our engagement with Prosper Africa.Robinson concluded her remarks at the Concordia Summit saying, "Africa is open for business, and the U.S. government is inviting the private sector to partner with us." She added, "Simply put, our role at Prosper Africa is to enable and help African nations fully integrate into global capital markets."

Hamid Asseffar, Head of Europe, Middle East, and Africa Sustainable & Impact Investing - Distribution at Invesco said, "We are honoured to receive this catalytic capital award, which will help mitigate the higher risk associated with adaptation and resilience debt investments in emerging markets, including Africa and mobilise more institutional capital. We look forward to strengthening our partnership and collaboration with Prosper Africa as we continue to innovate in this space, to support and help drive the sustainable growth in these regions."

Isabella da Costa Mendes, Co-Founder and Co-CEO, ImpactA Global commented: "We are thrilled with the support of Prosper Africa for such an important strategy. The track record of the U.S. government through Prosper Africa helps bridge the gap between US-based investors and Emerging Markets companies and projects, particularly in Africa, is unparalleled. We look forward to strengthening this collaboration and helping deliver critical infrastructure to much needed jurisdictions."

Victoria Miles, Co-Founder and Co-CEO, ImpactA Global added: "Addressing climate challenges and reducing inequalities in Emerging Markets is our paramount objective. These challenges will only be met with the mobilisation of significant pools of private institutional capital. Working with partners such as Prosper Africa will enable ImpactA Global to accelerate this mobilisation and implement its strategy. We look forward to a successful collaboration."

Hannah Gore-Randall, Managing Director of Alternative Finance, Legal & General said: "There is an urgent need to finance Emerging Markets' energy transition, and we believe that to be serious about climate transition, investors must be allocating capital to sustainable infrastructure in these regions. We are delighted that the provision of our catalytic capital has brought in the likes of Prosper Africa, a highly reputable development finance institution, as partners for ImpactA Global. Innovative financing structures are reducing risk and driving the asset class's reputation as a compelling investment opportunity that offers the potential for positive financial, social, and environmental returns."

As Prosper Africa continues to foster collaborations with financial institutions, asset managers, and investors, it remains dedicated to empowering African nations to lead their development journey through open and transparent markets, fueling prosperity and resilience across the continent. With an unprecedented alignment of U.S. and international stakeholders, these awards set the stage for a new era of strategic investment in Africa's future.

For more information about Prosper Africa and its initiatives, please visit www.prosperafrica.gov.

About Prosper Africa

Prosper Africa is a U.S. Presidential-level national security initiative aimed at fostering stronger economic ties between the United States and Africa. By leveraging resources from 17 U.S. government agencies, Prosper Africa empowers businesses and investors with market insights, deal support, and financing opportunities, driving two-way trade and investment between the U.S. and African markets.

About ImpactA Global

ImpactA Global is a women-led investment firm for the global Emerging Markets, with a focus on debt financing for sustainable infrastructure. Founded by Victoria Miles and Isabella da Costa Mendes, ImpactA Global seeks to solve funding gaps in transformational infrastructure projects.

The firm addresses four key sectors and associated UN Sustainable Development Goals: clean energy and renewables; sustainable mobility; healthcare and hospitals; water and sanitation.

ImpactA Global Limited is an appointed representative of Varramore Partners Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom. It is not regulated by any regulatory authority in any other jurisdiction.

For further details please visit: impactaglobal.com

About Legal & General plc

Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.

We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.

As at 7 June 2024, we estimate the Group's Solvency II coverage ratio to be 224%. As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.

About Invesco Ltd.

Invesco is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. With offices in more than 20 countries, Invesco managed $1.7 trillion in assets on behalf of clients worldwide as of June 30, 2024. For more information, visit invesco.com.

Further Information

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For Prosper Africa:

For Legal & General:

For Invesco Ltd:

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