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The operation involves an equity investment by Proparco in Ashmore Andean Fund III, which will support infrastructure and climate projects in Colombia and Peru.
Client presentation

Ashmore Andean Fund III (AAF III) is an infrastructure fund mainly dedicated to Colombia and Peru, but also to several Central American countries. The manager, Ashmore Colombia, which is based in Bogota and Lima, has made 19 investments since it was set up in 2009. Proparco has already invested in the previous fund, Ashmore Andean Fund II.

Project description

The project involves a USD 20m equity investment by Proparco in the AAF III fund. With a target size of USD 350m, AAF III will invest in about ten infrastructure projects in the sectors of transport, electricity, logistics, water and waste, telecommunications, health and education. AAF III will support the development and growth of this infrastructure, with a preference for majority equity investments. AAF III will thereby contribute to increasing the productivity and competitiveness of local companies, while having a positive impact on the climate.

Project impact

The project will achieve the following impacts:

  • Support for some 4,500 jobs in the fund and its underlying funds over the next 5 years, including 50% for women. 
  • A contribution to climate change mitigation and adaptation through the fund’s commitment to invest 30% of the amounts in projects classified as climate projects, such as for the development of renewable energy infrastructure (solar and hydro) in Colombia and Peru. 

This project will contribute to the achievement of SDG 8 (“Decent work and economic growth”) and SDG 13 (“Climate action”).

03/30/2022
Date of signature of the project
Colombia
Location
Financing tool
19 000 000 Euros
Amount of funding
USD 20m Equity Investment
Financing details
Ashmore Andean Fund III, LP.
Client
CES