Status: Approved investment
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FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more

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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

African Infrastructure Investment Fund 4 (AIIF4) is a pan-Africa private equity fund focused on investments in digital, energy transition, and transport and logistics infrastructure. AIIF4 has a target fund size of $500-750MM and is managed by African Infrastructure Investment Managers (AIIM). Old Mutual Group, AIIM's owner and sponsor, will anchor, AIIF4 supported by FMO and two other European DFIs as first close investors.

What is our funding objective?

AIIF4 plans to make 10-14 investments of control or significant influence in pan-African assets with core infrastructure characteristics and a focus on greenfield and growth opportunities (including but not limited to renewable energy generation; digital infrastructure including fiber, data centers, and communications towers; LPG distribution for end-consumer use in clean cooking; and roads, air-, and seaports).

Why do we fund this investment?

Infrastructure development is a key driver for progress across the African continent and a critical enabler for productivity and sustainable economic growth. The Fund's strategy for energy transition assets, including investing in distributed generation renewables, is aligned with the energy transition in sub-Saharan Africa, and the Fund's strategy for digital infrastructure targets areas that are key to accelerating and modernizing sub-Saharan economies. By investing in AIIF4, FMO seeks to address the market need for infrastructure in sub-Saharan Africa in a sustainable and responsible manner.

What is the Environmental and Social categorization rationale?

The E&S categorization is A. AIIF4 is a pan-African private equity fund which focuses on making commercial investments in digital infrastructure, mobility and logistics and renewable energy. Approx. 35% of the pipeline includes greenfield investments. Due to the nature of infrastructure investments, E&S risks are likely to arise and need dedicated time and attention as IFC PS 1 through 8 can be triggered in these transactions. FMO has a long-lasting relationship with the fund manager, AIIM, who also manages the predecessor funds AIIF3 and AIIF2. AIIM has a qualified team of professionals dedicated to E&S topics, supported by a strong E&S Management System which has been developed over the last 8 years. Development Finance Institutions ? including FMO ? have played a significant role in the development of an ESMS that is operational and is revised regularly to incorporate the latest insights on ESG. FMO continues to engage frequently with the fund manager to monitor and give feedback to the fund?s E&S performance. In addition, FMO will keep engaging with AIIM on ways to add value and maximize impact together. More information on the fund manager of AIIF4 can be found on

Infrastructure, Manufacturing and Services
Publication date
Effective date
Total FMO financing
USD 40.00 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)