The African Development Bank Group (AfDB) has approved a $10 million equity investment in the ARM-Harith Successor Infrastructure Equity Fund, targeting Nigeria and other West African countries.
In a statement published on its website on Tuesday, the bank explained that the fund aims to support projects in electricity, transportation, and energy-efficient technologies across the region.
According to AfDB, the initiative is expected to deliver 200 MW of renewable energy, cut CO₂ emissions by 800,000 tons, create 10,000 jobs, and enhance energy access for 100,000 households.
Commenting on the development, Wale Shonibare, the bank’s Director for Energy Financial Solutions, stated that the funding will serve as a catalyst to attract additional investment from both local and international sources.
“The catalytic funding will leverage additional capital from local and international investors, as ARM-Harith aims to raise $200 million for sustainable infrastructure and energy transition projects, with a primary focus on Nigeria.
“SEFA, a multi-donor special fund, provides catalytic finance to unlock private sector investments in renewable energy and energy efficiency.
“This investment in the ARM-Harith Successor Infrastructure Equity Fund represents a significant step forward in our collective effort to build sustainable infrastructure across Africa. The partnership with ARM-Harith, coupled with SEFA’s catalytic role, demonstrates the power of collaboration in mobilizing private sector investment (including local currency) and achieving lasting positive impact for communities across the continent,” Shonibare said.
ARM-Harith plans to raise $200 million to finance sustainable infrastructure and energy transition projects, with a significant focus on Nigeria.
What ARM-Harith is Saying
On their part, ARM-Harith said the investment was done to boost electricity, transportation, and energy-efficient technologies across Nigeria and West Africa.
Speaking further, Rachel Oshodi, ARM-Harith’s M.D, added that it is a privilege to partner with AfDB to help drive projects that will make the continent energy sufficient.
“We at ARM-Harith are privileged to partner with the African Development Bank on this strategic initiative. This collaboration sets a new standard for innovation and impactful investing, aligning perfectly with our vision of a thriving and self-sufficient continent,” Oshodi said.
