Swedfund invests in urban resilience fund for African cities

Stockholm, July 4, 2024 — Swedfund has invested EUR 30 million in The Urban Resilience Fund (TURF), managed by Meridiam, to address the pressing challenges of climate change and urbanisation 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 urbanisation challenges faced by fast-growing cities in Africa, including inadequate infrastructure, high levels of pollution, and significant social inequalities.

— By focusing on resilient infrastructure, TURF is not only addressing the immediate needs of rapidly growing cities, but also laying the foundation for sustainable urban development that prioritises climate resilience and social equity, said Jérémie Hoffsaes, from Swedfund’s Energy & Climate team.

TURF's projects focus on both climate mitigation and adaptation strategies. For example, TURF is implementing the Nouakchott Coastline Development project in Mauritania 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 at creating employment opportunities, stimulating local economic growth and improving access to essential services, thereby reducing inequalities and improving the quality of life of vulnerable groups.

About Meridiam

Meridiam is an independent Investment Benefit Corporation and asset manager focused on developing, financing, and long-term management of sustainable public infrastructure. 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.