South Africa’s PIC invests $40 million in Africa50 for infrastructure development 

With this move, the PIC becomes Africa50’s 36th shareholder, joining 32 African nations, the African Development Bank (AfDB), the Central Bank of West African States (BCEAO), and the Bank Al-Maghrib.

The PIC, one of Africa’s largest asset managers with $141.5 billion in assets under management (AuM), brings significant financial muscle to Africa50’s mission of mobilizing African institutional capital for infrastructure development.

CEO of Africa50, Alain Ebobissé, described the PIC’s entry as a strong market signal, stating:

“The PIC’s investment validates Africa50’s ability to deliver value for investors and economies. This partnership will leverage our project development expertise and continental reach to accelerate infrastructure delivery, driving sustainable growth.” 

“Africa50’s extensive presence and expertise across the continent provides PIC with a valuable opportunity to achieve both financial and developmental objectives in line with our client mandates. 

“This partnership will help address the slow pace of infrastructure development and address the significant infrastructure deficit in Africa. PIC remains committed to the African continent’s growth and looks forward to a strong strategic collaboration with Africa50 and our other partners to drive sustainable infrastructure investment,” he said.

He added that the collaboration would help to tackle Africa’s infrastructure deficit while delivering returns for its clients.

The PIC’s funding will further support Africa50’s pioneering initiatives, including:

Earlier in March, the Nigeria Sovereign Investment Authority (NSIA), Sustainable Energy for All (SEforALL), the International Solar Alliance (ISA) and Africa50 had announced an innovative partnership for a US$500 million DRE Nigeria Fund to develop and finance distributed renewable energy (DRE) projects in Nigeria.

A key objective of the Nigeria DRE Fund is to catalyze local currency funding from pension funds, insurance companies, and other local institutional investors.