- Swedfund invested EUR 30 million in The Urban Resilience Fund (TURF) to address climate change and urbanization challenges in Africa
- These projects will address the unique urbanization challenges faced by fast-growing cities in Africa
- TURF’s projects focus on both climate mitigation and adaptation strategies
Swedfund invested EUR 30 million in The Urban Resilience Fund (TURF), managed by Meridiam, to tackle climate change and urbanization challenges in Africa, primarily focusing on 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 urbanization challenges faced by fast-growing cities in Africa, including inadequate infrastructure, high levels of pollution, and significant social inequalities.
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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
“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 prioritizes climate resilience and social equity,” said Jérémie Hoffsaes, from Swedfund’s Energy & Climate team.
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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.
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.
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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.
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