Infrastructure Climate Resilient Fund (ICRF)

  • Adaptation
  • Under implementation
Date approved
16 Mar 2023
ESS Category
Intermediation 1
Financing
Private sector
Entity
Africa Finance Corporation

Overview

Climate change, such as rising temperatures, infrequent precipitation patterns and flooding, is threatening existing, and crucial yet-to-be-built, infrastructure in sub-Saharan Africa – a region already challenged by infrastructure low in quantity, quality, and accessibility. It is also heightening pre-existent investment barriers thereby putting at risk an entire regions opportunity of economic growth and development. The problem of financing climate-resilient infrastructure (CRI) in sub-Saharan Africa amounts to a financial summit of investment barriers that too few private investors are currently willing to scale.

To address the investment barriers of CRI investments in sub-Saharan Africa, GCF will provide USD 240 million in junior equity to the Infrastructure Climate Resilient Fund (ICRF). By supplying the catalytic first loss equity to catalyze investments from private sector investors and pension funds, the ICRF will be supporting the development of CRI projects in a region struggling to unlock such funding by itself. The USD 240 million investment will unlock the financial potential that can benefit up to 50 million people directly and 144 million people indirectly by securing them reliable infrastructure services.

Result areas

Countries

Regions

Priority groups

Project timeline

  • Pipeline

    540 days

    • Concept note received

    • Funding proposal received

    • Cleared by GCF Secretariat

    • Cleared by iTAP

  • Approved

    310 days

    • Approved by GCF Board

    • Legal opinion on AE's Internal Approval

    • FAA executed

  • Under implementation

    879 days so far

    • FAA effective

  • To be completed

    Not started

  • Total project value $ 765 million

  • Total number of beneficiaries 194 million

Financing

GCF-financing

0.0%

USD

Co-financing

0.0%

USD

USD 765 million

Show details

GCF-financing

57% disbursed

  • Equity USD 240,000,000
  • Grant USD 13,755,000
  • Total GCF-financing USD 253,755,000

Co-financing

  • Equity USD 50,000,000
  • Equity USD 230,000,000
  • Inkind USD 1,320,000
  • Loan USD 230,000,000
  • Total co-financing USD 511,320,000

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