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Africa Finance Corporation’s (AFC) asset management arm, AFC Capital Partners (ACP), has launched the Infrastructure Climate-Resilient Fund Nigeria (ICRF Nigeria) to mobilise domestic institutional capital for climate-resilient infrastructure projects in Nigeria and across Africa.
The fund was launched in Lagos on August 24, 2026, and is registered with Nigeria’s Securities and Exchange Commission as a closed-end fund.
It will give Nigerian pension funds, insurance companies, asset managers and other institutional investors access to a diversified portfolio of commercially viable infrastructure projects.
Ayaan Adam, CEO of ACP, said, “ICRF Nigeria gives Nigerian institutional investors a dedicated route into high-quality, climate-resilient infrastructure investments across Nigeria and Africa. By combining institutional capital with AFC’s infrastructure expertise and the catalytic power of blended finance, we can address both the financing needs of critical infrastructure and the growing risks posed by climate change.
ICRF Nigeria is part of ACP’s larger $750 million Infrastructure Climate-Resilient Fund (ICRF), which aims to make African infrastructure more resilient to growing climate risks.
The fund considers climate resilience throughout the infrastructure lifecycle, including planning, design, construction and operations.
The wider ICRF has attracted major institutional investors, including the Green Climate Fund (GCF), the European Investment Bank (EIB), the Development Bank of Southern Africa (DBSA), Cassa Depositi e Prestiti (CDP), and the Nigeria Sovereign Investment Authority (NSIA), as well as several African pension funds.
The Green Climate Fund has committed $253 million in first-loss capital, its largest equity investment in Africa to date. ACP expects the ICRF to mobilise up to $3.7 billion in total financing and build a portfolio of 10 to 12 infrastructure projects across Africa.
Africa Finance Corporation (AFC) was founded in 2007 to promote infrastructure and industrial growth in Africa. It offers financial support, technical advice, project structuring, and risk capital for major projects in energy, natural resources, heavy industry, transport, and telecommunications.
AFC has 48 member countries and has invested over $20 billion in 36 African countries since it started. Its subsidiary, AFC Capital Partners, manages investments that link institutional money to infrastructure and development opportunities in Africa.
ICRF Nigeria aims to direct investments from local institutional investors into infrastructure projects that provide lasting economic and climate benefits.
The fund will focus on key sectors for Africa’s growth, such as renewable energy, transport, digital infrastructure, and industrial development.
It will combine both concessional (lower-interest) and commercial capital to lower investment hurdles and attract more private funding. This mixed finance approach aims to support projects that may have difficulty securing funding due to climate risks.
The investment process will evaluate the risks posed by climate change, ensuring that projects are resilient from the planning stage through to construction and operation.
ICRF plans to develop a diverse portfolio of 10 to 12 infrastructure projects across Africa and aims to mobilise around $3.7 billion in total financing.
The Green Climate Fund is playing a key role in the ICRF by providing first-loss capital and technical assistance. The fund’s $253 million first-loss commitment is designed to reduce investment risks and encourage additional institutional investors to participate in climate-resilient infrastructure projects.
The GCF will provide technical support for assessing and monitoring climate risks. This support aims to help projects build climate resilience into their development and operations, while also attracting more private and institutional investment.
The announcement comes a few days after Africa Finance Corporation raised $430 million (CHF 350 million) through a five-year digital bond.
This makes it the first African institution to issue a digital bond on a regulated digital exchange, and it’s the largest digital bond ever issued in Swiss Francs.
