The Africa Finance Corporation has closed the first round of financing for a new fund focused on climate-resilient infrastructure on the continent — one that’s notable both for its focus and the investors on board.

The Infrastructure Climate Resilient Fund has raised about $400 million, and it aims to reach at least $750 million to invest in infrastructure projects designed to accelerate climate adaptation and sustainable infrastructure amid rising climate shocks, Africa Finance Corporation President and CEO Samaila Zubairu told Devex. That means everything from roads with drainage that won’t flood as easily, to ports that can withstand weather events, to power infrastructure that can handle hotter temperatures.

Climate challenges “require more than finance alone. They demand a fundamental shift in how infrastructure is designed, financed, and executed,” Zubairu said during last week’s Finance in Common Summit in Cape Town, South Africa.

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