Norfund, the Norwegian development finance institution, has invested NOK 235m ($20.6m) in the Urban Resilience Fund (TURF), which focuses on sustainable urban infrastructure in rapidly growing cities.

Managed by Meridiam, TURF is an infrastructure firm managing over $22bn globally across 12 funds.

“By supporting public transport, renewable energy systems, and efficient waste management, TURF contributes to economic growth and the development of sustainable cities,” said Carl Johan Wahlund, Senior Vice President for Green Infrastructure at Norfund.

Today, more people live in cities than in rural areas, and by 2050, the world’s urban population will grow from the current 4.5 billion to 6.7 billion.

“The growth places immense pressure on cities’ already overstretched infrastructure, with challenges further intensified by the increasingly tangible effects of climate change,” said Wahlund.

“Meridiam and TURF provide a unique approach to developing and building urban infrastructure in Africa, with the ability to advance projects from an early stage and maintain a long-term perspective,” he added.

Within TURF, Meridiam focuses on specific African cities. 

In Mauritania, Meridiam is already collaborating with the government to protect the capital, Nouakchott, from climate change-induced erosion and flooding while simultaneously developing the coastline for local communities. 

The €60m project includes reinforcing sand dunes, constructing new walkways, implementing rainwater drainage systems, building a bypass road, reconstructing the fish market, and promoting new economic activities.