AFRICA: BII injects €20m into Meridiam’s urban climate resilience fund

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AFRICA: BII injects €20m into Meridiam's urban climate resilience fund©Stanislaw Tokarski/Shutterstock

In response to population growth and climate change affecting several African cities, British International Investment (BII), the UK's development finance institution, is injecting €20 million into the Urban Resilience Fund (Turf) managed by the French investment company Meridiam and focused on sustainable infrastructure.

By 2030, Africa will be up to date with the UN’s 9th, 11th and 13th Sustainable Development Goals (SDGs) on innovation and infrastructure, sustainable cities and climate action respectively. This is the objective of the Urban Resilience Fund (Turf) launched by the French group Meridiam, which specialises in the development, financing and management of public infrastructure projects.

The fund has just received a €20 million pledge from British International Investment (BII), the UK’s development finance institution, which aims to support the development of “low-carbon, climate-smart solutions for municipalities under pressure from rapid urbanisation”, explains Andrew Mitchell, the UK’s Minister of State for Development and Africa.

The BII funding will enable Meridiam to invest in green mobility including modern cable cars, energy efficiency through the installation of solar micro-grids and street lighting through green solutions as well as the development of technologies to facilitate access to basic services in African cities.

Read also-SENEGAL: Meridiam to manage Dakar’s electric rapid bus network from 2023

In addition to the Turf, the BII is currently supporting other initiatives in favour of the ecological transition on the continent. This is the case of the African Infrastructure Investment Fund 4 (AIIF4), which it is co-financing to the tune of USD 116 million with the Netherlands Development Finance Corporation (FMO). The funds, announced in August 2022, will be used to build rooftop solar systems, as well as telecom towers, data centres and fibre optic networks in South Africa, Kenya, Nigeria and Ivory Coast.

Benoit-Ivan Wansi

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