IMCA Adaptation Finance Window for Africa (AFWA)

AFWA was released during COP30 in November 2025 to deploy catalytic capital into investment vehicles focused on adaptation and resilience across Africa. In preparing the window, IMCA conducted an initial market sounding with fund managers and practitioners active in the space to develop a first view of the A&R finance landscape, investment barriers, and the role catalytic capital could play in mobilizing private investment. Following the close of the window, this dashboard builds on that earlier assessment by drawing out anonymized insights and trends from the 56 eligible investment strategies received, with the aim of sharing what the applicant pool suggests about where adaptation investment opportunities are emerging and where constraints remain. The AFWA applicant pool offers a timely snapshot of Africa’s emerging adaptation finance market. See insights here: https://www.afwafrica.com/afwa-market-insights Building on its successful previous blended finance funding windows, the Investment Mobilisation Collaboration Alliance (IMCA) is launching the Adaptation Finance Window for Africa (AFWA) to directly address the region’s acute adaptation financing gap. AFWA will deploy catalytic capital to support the launch and scaling of multiple investment vehicles focused on adaptation and resilience across Africa. IMCA is a donor and development partner platform committed to mobilizing private capital in support of development priorities. IMCA partners coordinate funding efforts, share insights, and co-develop blended finance solutions to accelerate investment in emerging and frontier markets. AFWA will provide catalytic capital to help launch or scale high-impact climate adaptation and resilience investment vehicles seeking to deploy capital across Africa. Available Funding: EUR 40 million in catalytic finance and Technical Assistance (TA) support. AFWA anticipates supporting up to four awardees with a maximum of EUR 20 million for individual awards. While applicants may request financing for TA facilities, applications solely seeking TA support will be ineligible.

AFWA is implemented under IMCA, a coalition of donor and development partners committed to mobilizing private capital in support of development priorities. The World Climate Foundation (WCF) serves as the IMCA Secretariat, supporting coordination and partner engagement. Magnitude Global Finance (MGF) is facilitating the overall selection and evaluation process of proposals received under AFWA in close coordination with IMCA members. Final awards will be negotiated directly with IMCA members providing catalytic capital to AFWA and are subject to each partner’s internal due diligence, compliance, and approval procedures. Those funding partners will participate directly in the evaluation and selection process, while other IMCA members may take part in an observer capacity, contributing to discussions and shared learning. Application and Selection Process 1. Request for Proposals – Open submission period for proposals 2. Shortlisting and Virtual Pitch – Selected applicants present to review panel 3. Due Diligence – Comprehensive assessment of successful applicants through individual funding organization’s internal approval processes. Please note that the shortlisting and pitch process does not guarantee that the proposal is internally cleared to proceed by the individual organizations. 4. Investment Committee – Final review and approval 5. Award and Contracting – Negotiation and execution of agreements

Available Funding: EUR 40 million in catalytic finance and Technical Assistance (TA) support. AFWA anticipates supporting up to four awardees with a maximum of EUR 20 million for individual awards. While applicants may request financing for TA facilities, applications solely seeking TA support will be ineligible.

Although the focus of AFWA is on catalytic equity and TA, there are multiple IMCA members with the authority to issue debt guarantees. If such a guarantee is an appropriate instrument that would allow you to leverage additional private capital for adaptation in Africa, please indicate this need in your proposal.

AFWA will prioritize innovative, scalable concepts that address urgent climate adaptation and resilience challenges as a principal objective of the investment vehicle. Proposals are open to investment vehicles focused on climate adaptation and resilience regardless of sector focus. Examples could include funds with pipeline companies or projects that help communities adapt to extreme heat, increase the resilience of food and water systems, or strengthen grey and green infrastructure for coastal resilience. At least 75% of capital must support climate adaptation and resilience, with no more than 25% for mitigation. AFWA recognizes that many impactful strategies will deliver dual benefits. Such cases will be evaluated based on their primary adaptation focus and overall portfolio balance. AFWA adopts a practical framework for adaptation and resilience investment, building on definitions used in emerging market contexts: • Resilience of (“protect”) – investments that reduce or respond to physical climate risks within assets, companies, or communities (e.g., climate-resilient infrastructure, adapted agricultural practices) • Resilience through (“grow”)– investments in solutions, products, or services that deliver adaptation and resilience outcomes to end users (e.g., drought-resistant seed varieties, early warning systems, climate insurance products) Investments must demonstrate clear adaptation and resilience benefits aligned with recognized taxonomies and/or impact frameworks (such as Rio Markers, Green Climate Fund) and strong potential to attract follow-on or co-investment.

Geographic Scope AFWA targets investment vehicles operating in emerging and developing African economies. Multi-country or regional platforms are strongly preferred to enhance scale, diversify risk, and increase impact across the continent. Investment sleeves within larger funds that ring-fence capital for Africa are also eligible. Applicants must commit to deploying the majority of investments in Africa, with no more than 25% in upper-middle-income countries (UMICs) listed under the DAC list of ODA recipients. AFWA is prioritizing vehicles with a minimum 75% geographic focus on sub-Saharan Africa, which will be evaluated as part of the overall scoring criteria. Vehicles investing in developed markets are ineligible. Applicants must be legally registered private sector entities with experience in emerging markets. Funds domiciled in the United States or Canada are ineligible.