The European Investment Bank (EIB) has announced its largest-ever investment in an African fund, committing $80 million in equity to the Pembani Remgro Infrastructure Fund II (PRIF II). The announcement highlights the EIB’s focus on climate action, job creation and supporting Africa’s energy and digital transitions.

PRIF II will finance renewable energy, digital infrastructure and transportation projects across sub-Saharan Africa. These initiatives align with the EIB’s Climate Bank Roadmap and the EU Global Gateway strategy, which aims to mobilize €300 billion for global infrastructure by 2027, with half earmarked for Africa. This effort addresses the continent’s $100 billion annual infrastructure financing gap and supports sustainable development.

The fund’s first project will expand a pan-African data center platform, aiming to reduce the digital divide, with 900 million Africans still lacking internet access. Additionally, PRIF II is expected to create 1,400 full-time jobs and focus on inclusive growth, adhering to global environmental and social standards, including the 2X Challenge to promote gender equality.

“Our $80 million equity investment in the Pembani Remgro Infrastructure Fund II will help to address important issues such as clean energy, digital access, transport connectivity and job creation. Strengthening partnerships such as this one is key to building a sustainable future,” said EIB Vice-President Ambroise Fayolle.

The fund has secured $355 million in total commitments, leveraging a combination of public and private funding.