British International Investment (BII), the UK’s development finance institution and impact investor, and the Public Investment Corporation (PIC), one of Africa’s largest asset managers, have reached a significant milestone in their partnership to advance vital investment across Africa.
Earlier this year, both parties signed an MoU to jointly explore and pursue impactful investments opportunities that drive sustainable economic growth across the continent.
Today, the first investment under this partnership was announced with PIC joining BII to support the Enko Impact Credit Fund, which provides essential growth capital to mid-sized African businesses.
These businesses face a significant funding gap, and Enko’s private credit fund aims to bridge this shortfall by providing bespoke financing solutions to companies in high-impact sectors such as agriculture, telecommunications, manufacturing, renewable energy, and financial services, which are critical to inclusive and sustainable development in Africa.
Leslie Maasdorp, Chief Executive Officer at BII, said: “We are delighted to welcome the PIC as a partner in supporting Enko Capital’s private credit fund. This is the first investment under our landmark partnership signed in South Africa earlier this year. It exemplifies our shared commitment to accelerate collaboration and unlock more opportunities for transformative investments and sustainable economic growth across the African continent.”
Patrick Dlamini, Chief Executive Officer of the PIC, said: “Driving economic and financial inclusion is one of the pillars of our intermediaries mandate. Enko Capital provides the vehicle to deliver on this strategy and the broader mandate of generating returns for our clients. Partnering with Enko, British International Investment (BII) and other institutions will expand the availability of flexible capital to mid-sized African businesses, helping to scale employment, industrial capacity and long-term value creation across the continent. There is growing demand for private credit on the continent for businesses to broaden their funding options.”
Alain Nkontchou, Managing Partner of Enko Capital, added: “This investment from the PIC further strengthens Enko Capital’s partnership with the PIC, an institution that has supported Enko Capital since 2016. We are also excited to be part of the first transaction executed under the recently signed BII – PIC landmark partnership to advance vital investments across Africa.”
About British International Investment
British International Investment is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good.
Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development. The company has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.
