The Emerging Africa & Asia Infrastructure Fund (EAAIF), a private infrastructure group managed by Ninety-One, has secured a fresh $325 million in debt funding to support infrastructure projects across Africa and Asia. This new raise brings the total recent capital mobilised by the fund to $620 million, exceeding its earlier target of $500 million, which was expected to be reached by the end of 2025. With this development, the fund plans to invest over $1 billion in infrastructure projects in emerging markets by the year 2028.
According to EAAIF, the latest funding round strengthens its position as a leading option for global investors who are interested in scalable and sustainable infrastructure projects, especially in the debt market. The fund holds an A2 credit rating from Moody’s, which reflects its strong financial standing and reliable structure.
The financing round was led by Allianz Global Investors, which committed €100 million on behalf of Allianz Group. Other institutions that participated in the funding include South Africa’s ABSA, which contributed $75 million; Standard Bank, which put in $50 million; Japan’s Sumitomo Mitsui Banking Corporation (SMBC), also with $50 million; and Sweden’s development finance institution, Swedfund, with a contribution of €40 million.
This new capital builds on EAAIF’s earlier raise of $294 million secured in 2024. It is expected to power investments in areas such as digital economies, clean energy, and transformation of the power sector in developing regions. The fund also aims to help close climate finance gaps in Africa, where only around 23 per cent of the needed climate finance is currently being met.
Martijn Proos, Co-head of Emerging Markets Alternative Credit at Ninety-One and Managing Director of EAAIF, said that the fund’s ability to attract capital from top global financial institutions shows that investors have confidence in its strategy and focus on delivering long-term, positive impact through infrastructure development.
Since it was established in 2001, EAAIF has already committed more than $3 billion to over 125 infrastructure projects in 25 countries and 10 different sectors across Africa and Asia. These projects range from transport and energy to telecommunications and water.
The Private Infrastructure Development Group (PIDG), which supports EAAIF, is targeting $25 billion in additional funding and $9 billion in new commitments by 2030. PIDG’s Chief Executive Officer, Philippe Valahu, described the latest fundraising success as a significant achievement that brings the group closer to its long-term goals.
Swedfund’s CEO, Maria Håkansson, also praised the fund’s efforts, saying that addressing Africa’s infrastructure funding gap is key to achieving sustainable development. Representatives from Standard Bank, SMBC, and ABSA echoed similar sentiments, saying that they remain committed to projects that support sustainability and economic growth.
EAAIF is supported through a blended finance model by the governments of the United Kingdom, the Netherlands, Switzerland, and Sweden. The idea behind this setup is to combine public and private capital in a way that lowers investment risks and attracts more funding for important infrastructure projects in emerging markets.
The fund’s focus on blending commercial financing with public sector support makes it one of the key players helping to bridge the huge infrastructure funding gap across the African and Asian continents. With continued support from development finance institutions and private investors, EAAIF is expected to drive more growth and sustainability in underserved regions.
