South African asset manager Ninety One Ltd. is set to deploy over $1 billion in critical infrastructure projects across Africa and Asia by 2028, following successful debt raises from major global financial institutions.
The Emerging Africa & Asia Infrastructure Fund (EAAIF), managed by Ninety One, recently secured $325 million in debt financing in its latest round, which closed in March.
Key backers include Allianz Global Investors and leading African banks such as Standard Bank Group Ltd. and Absa Group Ltd., according to Martijn Proos, co-head of emerging market alternative credit at Ninety One.
This follows a previous debt raise of $295 million, bringing total commitments in recent rounds to $620 million.
“We have well over a billion dollars worth of pipeline over the next two to three years,” Proos said in an interview. “Africa will be a very dominant factor in our growth and a key focus.”
Ninety One joins a growing list of financiers, including Africa Finance Corp. and RMB Ventures, addressing the urgent demand for infrastructure development, such as roads, ports, and power plants, in some of the world’s fastest-growing economies in Asia and Africa.
Inadequate infrastructure has long hindered economic growth and job creation in these regions.
Last year, EAAIF committed nearly $350 million to around 13 projects, two in Asia and 11 in Africa, with plans to invest heavily in renewable energy and digital infrastructure over the next three years, Proos added.
Johannesburg-listed Absa contributed $75 million in the latest debt raise, emphasizing its commitment to boosting infrastructure growth across the continent amid rising geopolitical tensions and declining foreign aid.
“Whether funds are directed from the US or not, as an African institution we have to play a big part in supporting the growth of infrastructure on the continent,” said Chetan Jeeva, head of South Africa corporate lending at Absa.
He stressed that poor infrastructure has a significant negative impact on the overall economy of any country.
The debt raise also attracted participation from Japan’s Sumitomo Mitsui Banking Corp. and Sweden’s Swedfund International AB, underscoring global interest in infrastructure investment in emerging markets.
