MAURITIUS – ARM-Harith Infrastructure Investments, an infrastructure fund manager, has announced the official launch of the ARM-Harith Cities and Climate Transition Fund (ACT Fund), which is endorsed by the Global Innovation Lab for Climate Finance.
The US$250 million target fund has been designed in collaboration with the Global Innovation Lab, a public-private partnership initiative funded by the Dutch, German, Swedish and UK governments, as well as the Rockefeller Foundation.
The ACT Fund represents a pillar of ARM-Harith’s sustainable infrastructure investment platform and will invest in urban climate infrastructure solutions with an initial focus on renewable energy, urban mobility, water and waste.
“We are thrilled to build on the track-record of our first fund ARMHIF 1 to establish a broad-based climate infrastructure investment program in partnership with global financial institutions to mobilise climate finance to West Africa and importantly, Nigeria,” Tariye Gbadegesin, Chief Executive Officer at ARM-Harith, said.
The platform will enable ARM-Harith to leverage on its relationships with regional pension funds and international development finance institutions (DFIs) to mobilise international capital and domestic pension savings into infrastructure that supports a low-carbon future.
However, the company notes that private sector investment is crucial to meeting this need to complement public budgets, hence the launch of the ACT Fund, which is a blended finance instrument to unlock finance for low-carbon, climate-resilient development that tackles private investment barriers.
“As we continue to embrace sustainable investing across the ARM Holding Company group, we are pleased to partner with ARM-Harith as one of its consortium members in achieving the broad ESG strategy of the ARM Group,” said Jumoke Ogundare, Group CEO of ARM.
ARM-Harith has invested in robust environmental, social, governance and climate metrics measurements and criteria assessments to attract long-term sustainable investment capital.
To fulfil its greater ambition to facilitate and finance a transition to sustainable, climate resilient and low-carbon economies for West African cities, ARM-Harith is building strong climate finance credentials anchored on West Africa’s specific needs.
“Harith as a partner with and investor in infrastructure funds across Africa is excited by the prospects of The ACT Fund and the potential for the fund to promote real climate action in West Africa,” Alwyn Wessels, Deputy CEO of Harith General Partners, said.
ARM-Harith will be working with its relevant stakeholders to ensure long-term sustainability of its investments in alignment with the United Nations Sustainable Development Goals.
