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Investec Asset Management (IAM), a specialist banking and asset management group, has been appointed fund manager of the $670 million Emerging Africa Infrastructure Fund (EAIF).

According to statement on Monday, IAM was appointed following a competitive tender process that drew interests from over 30 companies from across Europe, Africa, and North America.

EAIF provides debt finance for private sector infrastructure projects in sub-Saharan Africa. To date, the Fund has committed over $1.2 billion to 63 projects in 20 countries. EAIF is a member of the Private Infrastructure Development Group (PIDG), a coalition of donors mobilising private sector investment to assist developing countries to provide infrastructure. The group is funded by the governments of the United Kingdom, The Netherlands, Sweden, and Switzerland as well as private sector banks and development finance organizations, including the International Finance Corporation.

Investec takes over management of the EAIF from Frontier Markets Fund Managers, also a London-based fund manager, which has been EAIF’s fund manager since 2013.

“We were impressed with Investec’s determination and agility, its commitment to our core mission and its belief in a successful future for Africa,” said David White, Chairman of the EAIF. “The appointment of Investec as the Fund’s manager means that we now have the final element in place to power our growth strategy.”

White said EAIF is a highly successful model of how to mobilize public and private capital to develop African economies and help deliver the Sustainable Development Goals.

Launched in South Africa in 1991, Investec is one of the first asset management firms to build a global franchise from emerging market origins, offering a broad range of Africa-specific investment strategies. Investec has about $109 billion in assets under management.

“The private sector has a crucial role to play in unlocking the conditions for the sustainable, long-term development of Africa’s infrastructure,” said Hendrik du Toit, CEO of Investec Asset Management. “A major initiative of its kind globally, EAIF provides growth capital, expertise and support to projects, with the aim of stimulating economic development, encouraging growth and employment, and fueling Africa’s long-term development.”