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British International Investment (BII), the UK’s development finance institution, has committed $20 million to Africa50’s Infrastructure Acceleration Fund, accelerating efforts to build out the continent’s digital, power, and transport networks.
This latest injection marks the fund’s fourth close, bringing total raised capital to approximately $330 million. The expanded partnership between BII and Africa50 will focus on co-financing critical projects, including high-speed broadband, renewable power generation, and logistics frameworks across African markets.
The capital allocation targets a massive funding gap in African technology infrastructure.
African Development Bank (AfDB) data reveals that the continent faced a $28.5 billion ICT funding shortfall in 2023, attracting only $8.1 billion in actual investment against an estimated requirement of $36.5 billion. The deficit is even wider when accounting for broader core infrastructure, where AfDB estimates annual needs between $184 billion and $221 billion.
Commenting on the rollout, BII Chief Executive Leslie Maasdorp pointed out that the persistent shortfall in infrastructure capital remains one of the primary hurdles blocking sustained economic progress across African nations.
Africa50 Chief Executive Alain Ebobissé stressed that government and public resources alone are insufficient to bridge a deficit of this scale. He noted that combining BII’s global development capital with regional expertise is structured to crowd in much-needed private and institutional investment.
Proceeds from the fund will be deployed toward foundational assets for the region’s expanding tech economy, specifically targeting optical fiber deployment, data center construction, cloud ecosystem expansion, and supporting energy grids.
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