The African Development Bank Group (AfDB) has approved a $10 million junior equity investment in the KawiSafi II Fund, aimed at empowering climate-focused startups across Africa so that those startups focused on investing in climate-related projects in vulnerable communities.
Amar Inamdar, Managing Director of KawiSafi Ventures, made it cleared the catalytic nature of the African Development Bank's $10 million investment, which has been instrumental in enhancing the fund reach its initial end and attracting additional capital to help Africa’s climate innovators.
However, note that d.light, the affordable solar energy solutions provider in Nigeria, recently secured a $176 million facility to expand its PayGo consumer finance offering, enabling six million people in Kenya, Tanzania, and Uganda to access renewable energy over the next three years. Meanwhile, Bboxx, another major player, has moved its headquarters to Kigali, Rwanda, with the goal of reaching 36 million people by 2028, bolstered by a $100 million partnership with EnerTech.
Following the success of KawiSafi Fund I, which has positively impacted over 126 million lives and prevented around 31 million tons of CO2 emissions, the African Development Bank (AfDB) will invest $10 million in KawiSafi Fund II. This new fund is positioned to further advance innovation in Africa's climate tech ecosystem.
