Standard Chartered reaffirmed its commitment to blended finance solutions to unlock Africa’s infrastructure financing gap. Speaking at the just concluded Africa Debate in London, UK, Kariuki Ngari, Managing Director & CEO, Kenya and Africa Standard Chartered, said that scaling the capital needed to meet Africa’s infrastructure aims cannot be delivered through public financing alone.
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“The proof of blended finance is evident in our results in Africa. When properly structured, blended finance unlocks commercial capital while preserving market integrity. We have moved beyond theory to proven models that deliver transformative impact across Africa,” he said.
With the continent facing an annual $US130 billion infrastructure deficit, Standard Chartered looks to focus on blended finance solutions in collaboration with local governments and multilateral development institutions to reduce risks and encourage the ‘crowding in’ of private capital in African economies.
Last year, Standard Chartered financed $US4 billion worth of infrastructure projects in Africa, which included blended financing solutions such as the EUR533 million financing, backed by the African Development Bank (AfDB), for the Ministry of Finance and Budget of the Republic of Côte d’Ivoire for its key projects under the country’s 2021 – 2025 National Development Plan.
In Angola, the Bank helped facilitate a €1.29bn solar-powered electricity distribution programme to improve rural access to clean energy while in Tanzania, the Bank facilitated a US$1.46bn term loan for a 550km Standard Gauge Railway which will enhance regional integration and reduce freight service costs by up to 40%.
“We are not waiting for perfect conditions; we are building the right structures now. Our role is to connect ambition with capital and ensure Africa’s most critical projects are bankable, scalable, and sustainable. We now need replicable frameworks that attract institutional capital into sectors like climate-smart infrastructure and value-added manufacturing, where the continent’s future truly lies,” he said.
Standard Chartered aims to increase its focus on climate finance, supporting projects that promote sustainable energy, reduce carbon emissions, and enhance climate resilience in Africa. The Bank’s global commitment is to mobilise $300 billion by 2030.
The Africa Debate is the UK’s premier forum for high-level dialogue on African investment and economic transformation that brings together African heads of state, global investors, policymakers, business and thought leaders.
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