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UN GCF Commits Multi-Millions to Blended Finance in Africa  

The UN Green Climate Fund (GCF) has committed US$253 million to the Africa Finance Corporation Infrastructure Climate Resilient Fund (ICRF). The GCF is taking a junior first-loss US$240 million equity stake in ICRF, and is its largest equity investment in Africa to date. GCF has also committed a further US$13.7 million in grant funding to the ICRF. The ICRF, which has a target fund size of US$750 million, will invest in greenfield and brownfield climate adaptation infrastructure in Africa. Yannick Glemarec, GCF Executive Director, said: “ICRF is a pioneering fund that will catalyse the development of climate-resilient infrastructure across Africa. GCF’s first-loss anchor investment in ICRF will mobilise African pension funds and other private investors to invest in climate-resilient infrastructure as a new asset class in Africa. It will also serve as a model for local banks and financial institutions to engage in climate finance. I’m delighted that GCF is partnering with AFC on GCF’s largest equity investment in Africa to date.” 

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