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. 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.

Note: 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 is open to private sector actors with a track record investing in relevant geographies and sectors, and a commitment to integrating adaptation and resilience into the design and management of their investment vehicle. Investment vehicles can deploy capital in the form of equity, debt or hybrid offerings.

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 sub-Saharan 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.

Technical Priorities

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.

Understanding Adaptation and Resilience Investment

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.

Investment Vehicle Requirements

Support will prioritize market-ready vehicles and investment structures targeting at least EUR 50 million in size, with the overall goal that each selected vehicle will mobilize significant private capital, with a preference for commercially oriented private investors positioned to learn from and replicate the investment strategy if successful. AFWA aims to mobilize at least EUR 100 million of private capital across all awardees.

Entity Type

Applicants must be legally registered private sector entities with experience in emerging markets. Funds domiciled in the United States or Canada are ineligible.

Team and Local Capacity

Applicants must demonstrate a track record in relevant geographies and sectors, including on-the-ground presence in target markets. First-time fund managers may apply if they demonstrate strong team credentials and robust operating infrastructure, including capacity to source, manage, and monitor investments at speed and scale.

Concessionality

Funding will adhere to the principle of minimum concessionality. Vehicles prioritizing least developed countries may be considered for larger concessional tranches. The most concessional tranche may not exceed 40% of total investment vehicle size. Investment managers should not expect IMCA to fully cover the proposed vehicles’ concessional tranche; some level of co-financing with non-IMCA funders is expected.

Compliance

Before making a final award, applicants must demonstrate compliance with funding IMCA members’ specific policies and a commitment to international best practices in Environmental and Social (E&S) management. Applicants must have a clear strategy and operational capacity to screen, manage, and monitor E&S risks in accordance with these standards.

Applications will be evaluated across three core dimensions:

1. Investment Manager Capacity

• Demonstrated track record in investing in emerging markets and relevant sectors/asset classes of the proposed investment vehicles

• Strength and depth of investment team, including relevant technical and local expertise (e.g., on-the-ground presence, networks in target markets)

• Operational infrastructure and systems to source, execute, and manage investments at scale

• Ability to deploy capital efficiently and manage portfolio risk

• Ability to monitor, manage, and report on adaptation and resilience impact metrics

2. Private Capital Mobilization Potential

• Scale: Credible plan to mobilize 2x or more in private capital relative to the amount of catalytic capital requested. Vehicles that mobilize private capital from commercially-oriented investors (over family offices, philanthropy, etc.) with ambitious but credible targets contributing to AFWA’s overall EUR 100 million target will be evaluated favorably

• Speed: Realistic timeline for deployment. IMCA anticipates selecting vehicles that are positioned to launch before the end of 2027. Speed of deployment will be evaluated favorably

• Sustainability: Credible exit strategy and financial sustainability plan (e.g., viable exit within 15 years)

Vehicles that mobilize private capital directly within their capital structure are preferred. Credible projections of private capital co-financing at the deal level will be recognized, provided these are clearly substantiated with sufficient evidence and background. 

3. Adaptation and Resilience Impact in Africa

• Depth of impact: Clear articulation of adaptation benefits and resilience outcomes for climate-vulnerable communities, sectors, or geographies in the proposed investment thesis and pipeline. AFWA will prioritize applications that have the greatest impact on addressing physical climate risk to the most vulnerable communities in Africa.

• Catalytic potential: Replicability and scalability of the investment model. Strong potential to demonstrate proof-of-concept for adaptation finance approaches

• Alignment with social, environmental, and gender impact goals: Demonstrated commitment to gender lens investing (e.g., 2X Challenge criteria or equivalent) and strong environmental and social safeguards, including approaches for doing no significant harm and managing maladaptation risks

• Additionality: Satisfaction of OECD DAC Private Sector Instruments (PSI) definition, demonstrating that AFWA support enables investments that would not otherwise occur or would occur at significantly reduced scale or impact

AFWA's 75% Sub-Saharan Africa and 75% adaptation and resilience investment targets may be satisfied through dedicated sleeves or ring-fenced allocations. In these instances, the ring-fenced investment allocation must align with other eligibility criteria (e.g., EUR 50 million or more in size).

Overview of Governance and Institutional Roles

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

Key Dates

• November 12, 2025: Request for Proposals Released during COP30

• December 1, 2025 | 13:00 GMT: Virtual Bidder’s Conference (Register Here)

• December 4, 2025: Question and Answer Period Closes (Q&A Portal Here)

• January 15, 2026 | 23:59 GMT: Applications Due (Submission Portal Here)

• February 2026: Virtual Pitch for Shortlisted Applicants

• Q2-Q3 2026: Due Diligence Period for Successful Applicants

• Q4 2026: Award and Contracting*

*Final award is subject to the individual IMCA members' comprehensive internal due diligence and investment committee approval processes.

Application Materials

Application Submission

Applicants should submit a maximum 15-slide pitch deck that clearly addresses the RFP’s eligibility and evaluation criteria and includes:

1. Articulation of investment thesis and opportunity, including potential pipeline

2. Adaptation and resilience integration into portfolio and operations of investment vehicle, including impact thesis and metrics

3. Geography and target markets

4. Structure and key terms of investment vehicle, including need for IMCA catalytic capital to de-risk private investors

5. Investment manager capacity and experience

6. Fundraising progress and path to mobilizing private capital

7. Sustainability and exit strategy

8. Timeline and risks

Additionally, applicants must submit a Preliminary Budget that clearly indicates the type of capital (e.g., first loss equity or debt and TA) and the amount of funding requested.

Question and Answer Period

Applicants may submit questions, either in Microsoft Word or PDF format, through the online form here. Responses will be shared with all applicants to ensure transparency and consistency. The deadline for submitting written questions is December 4, 2025 at 23:59 GMT.

For additional information about eligibility, evaluation criteria, and application guidance, please refer to the supplementary FAQ (Annex 1), which provides examples and technical clarifications to support the application development process.

Disclaimer

All costs and expenses incurred by a bidder in connection with this RFP—including but not limited to preparation, submission, negotiation, presentation, due diligence, travel, consultation fees, and any other activities related to or arising from this solicitation—shall be borne entirely and exclusively by the bidder at its sole cost and risk. Magnitude Global Finance and IMCA members will not be liable for any costs or expenses under any circumstances, including without limitation: (i) rejection of any or all proposals; (ii) withdrawal or cancellation of this RFP; (iii) failure to execute any contract or agreement; (iv) termination of negotiations at any stage; or (v) any other outcome of the selection process.

This RFP constitutes solely an invitation to submit proposals and does not constitute, and shall not be construed as, an offer, solicitation, commitment, or agreement to purchase, invest, contract, or enter into any transaction or business relationship. The issuance of this RFP does not obligate or require Magnitude Global Finance or any IMCA members to consider, negotiate or award funding to any bidder.

Magnitude Global Finance and IMCA members reserve the sole right to withdraw, amend, cancel or suspend this RFP in whole or in part at any time, for any reason, without notice and without liability. No such action shall create any liability, obligation, or duty to any bidder, and no bidder shall have any claim for damages, expenses, lost profits, or other compensation arising from any such action or decision.