AFRICA – Swedfund has invested €30 million (US$32.48m) in The Urban Resilience Fund (TURF), managed by Meridiam, to address the pressing challenges of climate change and urbanization in Africa, primarily in sub-Saharan Africa.
TURF develops and invests in greenfield infrastructure projects and companies that improve the urban environment and provide essential public services to local communities.
These projects will address the unique urbanization challenges faced by fast-growing African cities, including inadequate infrastructure, high levels of pollution, and significant social inequalities.
“By focusing on resilient infrastructure, TURF is addressing the immediate needs of rapidly growing cities and laying the foundation for sustainable urban development that prioritizes climate resilience and social equity,” said Jérémie Hoffsaes from Swedfund’s energy and climate team.
TURF’s projects focus on both climate mitigation and adaptation strategies. For example, TURF is implementing Mauritania’s Nouakchott Coastline Development project to restore a 12km dune ridge and develop the coastline against coastal erosion and groundwater flooding.
To help cities adapt to the effects of climate change and reduce greenhouse gas emissions, the fund is expected to invest in micro-grids, waste management facilities, and energy-efficient community environments such as street lighting and urban mobility to reduce congestion and pollution in densely populated areas.
All of TURF’s initiatives aim to create employment opportunities, stimulate local economic growth, and improve access to essential services, thereby reducing inequalities and improving the quality of life of vulnerable groups.
Meridiam is an independent Investment Benefit Corporation and asset manager focused on developing, financing, and managing sustainable public infrastructure over the long term.
The asset manager operates in three key sectors: sustainable mobility, critical public services, and innovative low-carbon solutions.
With offices in Addis Ababa, Amman, Dakar, Istanbul, Johannesburg, Libreville, Luxembourg, Paris, Vienna, and Washington, Meridiam has US$22 billion in assets under management and has managed over 125 projects to date.
TURF is a global blended finance impact fund launched by Meridiam in partnership with The Rockefeller Foundation and the United Nations Capital Development Fund (UNCDF) to support cities in delivering critical resilience infrastructure projects in Europe and Africa.
Swedfund is Sweden’s development finance institution, with the mission to reduce poverty through sustainable investments in developing countries.
Their investments in the private sector contribute to a growing number of jobs, offer decent working conditions, and increase access to essential products and services like electricity and healthcare. Climate and gender are themes that permeate our investment process.
Swedfund invests in energy and climate, financial inclusion, and increased access to capital for micro, small, and medium-sized companies, as well as healthcare and digitalization.
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