South African assets manager Investec Asset management has been appointed to manage a $670 million fund of Emerging Africa Infrastructure Fund (EAIF), a public-private partnership backed by the governments of UK, Holland, Sweden and Switzerland to finance infrastructure projects in sub Saharan Africa.

The assets manager’s selection results from a call to tender to which more than 30 firms worldwide took part. This was mainly due to Investec’s expertise in terms investment in Africa. “The large demand for funding on the continent and the necessity for effective infrastructure development provides a strong investment backdrop. This offers a compelling entry point into the long-term African growth story. We are very well positioned to take advantage of these opportunities with our extensive experience of investing in emerging markets, underpinned by our heritage, which gives us deep insight into the drivers of African markets”, said Nazmeera Moola, a senior executive at Investec Asset Management, who is to head EAIF’s operations.

Established in 2002, EAIF has injected more than $1.2 billion in 63 projects in 19 countries. Moreover, in addition to capital provided by the United Kingdom, Holland, Sweden and Switzerland, lenders include some private financial institutions as well as development-focused financial institutions.

The fund has three main goals, knowingly: to serve as a catalyst for infrastructure projects in Africa, by providing long-term loans and conditioned financing adapted to local needs; investing in sustainable firms that have qualified management teams and proven potential to improve economies and reduce poverty; and by providing opportunities for investment and specific development.