The Africa Infrastructure Programme.
The AIP mobilises large-scale capital to deliver the public systems, services and facilities required for African economies to thrive — from power and transport to affordable housing and ICT.
- Funding ceiling, 2023
- $15 billion
- Minimum project size
- $50 million
- Target financial close
- 90 days
- Pricing
- Single-digit
- Security
- Government guarantee
- Lack of funding for project execution
- Weak project preparation and structuring
- Improvident allocation of resources to projects
- Stalled or under-delivered infrastructure outcomes
- Develop funding platforms to mobilise large-scale capital
- Deploy funds against sovereign-backed, bankable structures
- Execute with international and local delivery teams
The infrastructure mix.
Government-supported projects across the full spectrum of economic and social infrastructure.
From submission to delivery.
- 01
Submit Project Summary
Send us your prospective project information — sector, location, sponsor, scope.
- 02
Project Feedback
Zebcha arranges project clarification call(s) to ensure key criteria are met.
- 03
Due Diligence
Technical, financial, legal and ESG diligence by Zebcha and its EU partners.
- 04
Negotiation of Key Terms
Loan pricing, tenor, moratorium, local content and governance terms agreed.
- 05
Execution of Project Documents
Loan signing with Ministry of Finance, site visits and conditions precedent.
- 06
Implementation
Delivery by international consortium working alongside the local execution team.
The Zebcha Frontier Fund (ZFF).
A $25M early-stage project preparation fund that finances the studies, permits, and advisory work needed to make infrastructure projects bankable — filling the gap between concept and financial close.
- Fund Size
- $25M
- Average Investment
- $1.5M per deal
- Fund Life
- 8+2 years
- Target IRR
- 32%+
- Manager
- Zebcha Frontier Limited
Why project preparation needs its own capital.
Zebcha estimates Nigeria needs $670M every year for project preparation alone — feasibility, ESIA, permits and financial modelling — just to maintain healthy infrastructure growth.
Nigeria's NIIMP target: infrastructure investment must triple from ~$10B to $33.2B per annum to meet the country's growth objectives.
In mature PPP markets (e.g. UK), advisory costs average 2.6% of project value. In frontier markets like Nigeria, this rises to 4–9% due to the volume of risks that must be hedged.
The $25M fund is designed to finance the preparation of $2.5B worth of projects — or projects generating $250M p.a. in revenues — across infrastructure, housing, agro and manufacturing.
Where the fund is deployed.
Early-stage preparation capital across infrastructure and adjacent productive sectors.
From idea to exit.
- 01
Ideation
Idea generation, validation and sector alignment ($5,000 threshold).
- 02
Insemination
Concept refinement, demand studies, strategic partnerships ($15,000).
- 03
Insight
Business plan, ESIA, permits, market studies, investment memo ($2M).
- 04
Implementation
Financial close, construction, commercialisation ($10M–$1B).
- 05
Issue
Exit: trade sale, buyback, IPO or sale to PE investors (3–10x return).
- Target Sectors
- Infrastructure · Affordable Housing · Agro-Processing · Manufacturing
- Fund Size
- $25M
- Average Investment
- $1.5M per deal
- Fund Life
- 8+2 years
- Target IRR
- 32%+
- Manager
- Zebcha Frontier Limited (50/50 JV — Zebcha Infrastructure Limited & New Frontier Development Limited)