South Africa’s Public Investment Corp (PIC) is making waves in African infrastructure financing. With a $40m investment, the PIC has become the 36th shareholder in Africa50, a pan-African platform founded by the African Development Bank (AfDB) to fast-track infrastructure projects across the continent.
The PIC, which manages assets exceeding $141bn on behalf of the Government Employees Pension Fund (GEPF), now joins the Central Bank of West African States, a coalition that includes 32 African nations, and Bank Al-Maghrib of Morocco. This move signals a new chapter in South Africa’s approach to using long-term, impact-focused capital to spur development — not just at home, but across Africa.
“Integrating local capital into project development is key to sustainable growth,” says Africa50’s Nana Boakye-Yiadom. “The PIC’s deep financial strength and shared vision elevate our mission to transform infrastructure across the continent.”
The PIC reinforces its commitment to bridging Africa’s development gap by partnering with platforms such as Africa50. “Africa50 provides a compelling opportunity to collaborate with investors who understand our goals,” says the PIC’s Adrian Lackay. “Our investment aligns with our mission to boost economic growth and ensure essential services reach those who need them most.”
Africa50 stands out with its hybrid model, which combines early-stage project development with robust project finance. This approach has already helped finance 27 projects across 28 countries, amassing more than $8bn in investments. With the PIC on board, the fund is poised to scale new financing vehicles and fuel further innovation, especially as global development capital diminishes.
The partnership is expected to open doors in Southern Africa, where Africa50 sees burgeoning opportunities for climate-aligned projects. By expanding its geographic reach and diversifying its portfolio, Africa50 aims to address critical needs in energy, digital infrastructure and logistics.
This isn’t just another investment; it’s about reshaping regional development priorities
— Nana Boakye-Yiadom
“This isn’t just another investment,” says Boakye-Yiadom. “It’s about reshaping regional development priorities. Our diverse shareholder base now includes sovereign states, central banks and leading institutional investors — all working together to unlock high-quality projects and streamline their execution.”
Africa50 is also launching several innovative blended-finance initiatives, such as the Africa50 Infrastructure Acceleration Fund, which has already raised $222.5m; the $500m DRE Nigeria Fund for renewable energy; and the Alliance for Green Infrastructure in Africa (AGIA), designed to mobilise blended finance for green projects.
“The PIC’s involvement will catalyse growth across key sectors,” says Boakye-Yiadom. “We’re putting a strong emphasis on projects that not only deliver solid returns but also create jobs and promote sustainable development.”
This strategic partnership underlines the growing role of African institutional investors in shaping the continent’s future. As global capital flows tighten, Africa is increasingly turning inward for investment. With the PIC’s participation, Africa50 is well positioned to become the bridge that connects public and private sectors, accelerating project delivery from concept to completion.
“In this new era of infrastructure finance, our collaboration sends a decisive signal to the market — Africa’s future is being built by African capital,” says Boakye-Yiadom.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.