Marrakesh - Morocco's sovereign investment fund "Ithmar Capital" and the World Bank (WB) inked, on Wednesday in Marrakesh, a memorandum of understanding to launch the first Green Growth Infrastructure Facility for Africa" (GGIF for Africa), during the Finance Summit held on the sidelines of COP22.
Marrakesh – Morocco’s sovereign investment fund “Ithmar Capital” and the World Bank (WB) inked, on Wednesday in Marrakesh, a memorandum of understanding to launch the first Green Growth Infrastructure Facility for Africa” (GGIF for Africa), during the Finance Summit held on the sidelines of COP22.
The GGIF, whose MoU was inked by WB vice president for MENA Hafez Ghanem and Ithmar Capital director general, aims to work as a catalyst for the transition of Africa into a green economy by supporting low carbon infrastructure such as clean energy, low carbon transportation and the efficient utilization of water resources. Its objective is to attract private investors with interest in Morocco or Africa who are looking for responsible and green investment opportunities.
GGIF will also include a Public Private Partnership (PPP) unit that will focus on the origination of viable projects in collaboration with Government agencies. This will result in a consolidation of PPPs in the targeted countries.
The World Bank and Ithmar Capital will work in close partnership with a broad range of public and private investors, including Regional Development Banks, Sovereign Wealth Funds, and global and regional institutional investors, to increase private capital participation in green infrastructure investments across the continent.
The move has already received a letter of support from the IFSWF Chair (International Forum of Sovereign Wealth Funds), which has just launched its first working group dedicated to climate change.