London – The Private Infrastructure Development Group Ltd (PIDG) is pleased to announce that the Ministry of Foreign Affairs of the Netherlands (DGIS) has committed further funding of $100m for the four-year period, 2018 to 2022.
Today’s announcement demonstrates alignment of ambitions between DGIS and PIDG to combat poverty in the poorest and most fragile countries through pioneering infrastructure to help economies grow and change people’s lives. Reflecting our ambition and achievement, we have had commitments in excess of $750m this year from our Owners.
PIDG is now a sizeable innovative infrastructure finance organisation that enables private sector investment in infrastructure. Drawing on over $3.4bn of funding and with a 16-year track record of delivery, PIDG has supported 170 infrastructure projects, mobilised $22.9bn from the private sector and benefited an estimated 231m people.
PIDG Chair, Andy Bainbridge said: “I would like to thank the Dutch Government for the confidence it has placed in PIDG. Today’s announcement is a strong endorsement of the organisational changes that we have put in place during the year. With our Owners’ support, we have implemented a structure that provides stronger oversight and governance across all PIDG companies and is a strong signal of our ambition. This new structure embeds our collaborative personality, creates better alignment, and allows our companies to be coordinated in a way they have not been in the past. This significant commitment, from one of our founding Owners, reinforces our belief that what PIDG does matters.”
Commenting on today’s announcement Philippe Valahu, PIDG CEO, said: “Our pioneering approach has seen significant success. We have begun the next stage of our evolution. We are respected for our market moving ability; regarded as a thought leader; reputationally strong and ready for action. We will build on these successes and, working with our owners and private sector partners we will continue to innovate; Maintaining our unique role in developing pioneering infrastructure projects that make a real difference to some of the poorest and most fragile countries and communities.”
Commenting on today’s announcement, Hans Docter, Director of the department for Sustainable Economic Development from the Ministry of Foreign Affairs of the Netherlands, said: “PIDG’s activities are at the heart of what is needed in order to deliver the SDGs. Its activities are designed to provide a pathway to poverty reduction and are designed to enable decent work and economic growth. PIDG’s investments in specific sectors deliver against the SDGs that focus on clean water and sanitation, affordable and clean energy, industry, innovation and infrastructure.
We very much look forward to working with PIDG in this very exciting next phase to achieve our common goal to mobilise more private capital to provide access to infrastructure for people in developing countries.”