• Monday, July 15, 2024
businessday logo


ARM-Harith launches $250m Urban Climate Fund for West Africa

Tariye Gbadegesin, CEO at ARM-Harith

ARM-Harith Infrastructure Investments Limited, a Mauritius-regulated infrastructure fund manager and parent company of ARM-Harith Infrastructure Investment Limited Nigeria, has announced the official launch of the ARM-Harith Cities and Climate Transition (ACT) Fund endorsed by the Global Innovation Lab for Climate Finance.

The $250-million-target fund has been designed in collaboration with the 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.

The platform will enable ARM-Harith to leverage its relationships with regional pension funds and International DFIs to mobilise international capital and domestic pension savings into infrastructure, which supports a low-carbon future.

Urban infrastructure built over the next decades to accommodate economic growth will largely determine whether the world locks in a high-emission, non-resilient future or reaches global sustainability goals. 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.

ARM-Harith has invested in robust Environmental, Social, Governance and Climate metrics measurement/criteria assessment 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.

Read Also: Tariye Gbadegesin: Investment professional bridging Nigeria’s infrastructure gap

ARM-Harith will be working with its relevant stakeholders to ensure long-term sustainability of its investments in alignment with the Sustainable Development Goals.

Tariye Gbadegesin, CEO at ARM-Harith, announced, “We are thrilled to build on the track-record of our first fund ARMHIF 1 to establish a broad-based climate infrastructure investment programme in partnership with global financial institutions to mobilise climate finance to West Africa and importantly, Nigeria.”

“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,” remarked Jumoke Ogundare, group CEO of ARM.

Alwyn Wessels, deputy CEO of Harith General Partners, said, “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.”

ARM-Harith is a joint venture between Asset & Resource Management Holding Company Limited (ARM), Nigeria’s largest non-bank financial services provider, and Harith General Partners, a leading Pan-African infrastructure fund manager based in South Africa.

An infrastructure private equity fund manager, ARM-Harith Infrastructure Investment Ltd (ARMHIL) invests in West Africa and is based in Lagos. ARMHIL is investing in establishing several ESG themed initiatives centred on climate action.

ARM-Harith is aligned to the development of infrastructure as a key driver of sustainable impact. ARM-Harith is building strong economies and lasting prosperity through pioneering, high-quality infrastructure projects in West Africa, benefitting our investors, local communities, and the world.