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Grants are funds provided without expectation of financial return, often from philantrophic or development institutions. They help kick-start projects through e.g. research and capacity development. Technical assistance supports projects by offering expert knowledge, like e.g. improving local operations or adding a social focus, such as gender equality.
These instruments reward investors based on specific, measurable social or environmental goals. For example, investors might receive payments only if a certain amount of CO₂ emissions is mitigared. Impact bonds use private funds to achieve pre-agreed goals, while impact-linked finance ties investment returns directly to the success of positive social outcomes.
These are traditional financial instruments, where debt (loans) must be repaid with interest, and equity (investments) offers ownership in a company or project. Some loans or investments come with more favorable terms, such as lower interest rates (concessional finance) or extended repayment periods. These are often used to encourage private sector investment in socially impactful projects that might otherwise struggle to attract funding.
First-Loss and Guarantees

These tools are designed to reduce the risk for other investors. First-loss capital is the first to take a hit if a project doesn’t perform well, which gives other investors more confidence to participate. Guarantees are promises from a third party (like a development agency or government) to cover losses if the project fails, making it easier to secure private investment.

EMCAF portfolio

EMCAF has committed USD 15 Mio to ARCH Cold Chain Solutions East Africa Fund LP, advised by ARCH Emerging Markets.

The Fund finances greenfield development, construction and operation of temperature controlled storage and distribution facilities in East Africa to reduce high rates of food spoilage due to lack of refrigeration. The Fund operates at the nexus of climate change, food security and health, with clients and beneficiaries expected to be active mainly in the agriculture/food and pharmaceuticals (incl. vaccines) sectors.
EMCAF has committed USD 25 Mio to Alcazar Energy Partners II advised by Alcazar Energy.

The Fund finances greenfield development, construction and operation of renewable energy projects primarily in the Middle East and North Africa. It is expected that this fund will enable the development and construction of over 2GW of clean energy capacity in its target markets.
EMCAF has committed USD 20 Mio to Evolution III Fund managed by Inspired Evolution.

The Fund finances energy transition across the African continent, focusing on greenfield and expansion opportunities in the utility-scale, decentralized C&I, as well as off-grid renewable energy space. It will also invest in resource
EMCAF has committed USD 30 Mio to South Asia Growth Fund III managed by GEF Capital Partners.

The Fund will provide growth capital to mid-market companies which aim to contribute to climate mitigation and adaptation across renewable energy, energy efficiency, food security, water security and mobility sectors and their related value chains in India and opportunistically in Southeast Asia.

Technical Working Group, led by the International Energy Agency, with the main objective of consolidating the energy transition pathway for Indonesia's power sector and identifying priority projects to support the energy transition pathway.

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