British International Investment


CameroonCape VerdeCote d'IvoireGhanaNigeriaAfricaFinancial servicesFood & AgricultureManufacturing

The AFIG Fund II aims to invest in small and mid-sized enterprises (SMEs) in sub-Saharan Africa which operate in the agribusiness, manufacturing, energy, food and beverages, healthcare, and financial services sectors.

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the investment.

In 2016, CDC invested $20 million into AFIG II, alongside the EIB, the African Development Bank, and other European DFIs including Germany’s DEG and Sweden’s SwedFund.

The fund targets investments of between $5 million to $20 million and the fund manager is aiming for a total fund size of $170 million.

Our investment provides growth capital to support the sustainable expansion of small firms in Central, East and West African countries.

Expected impact

Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.

SMEs in sub-Saharan Africa often struggle to access affordable finance, and sometimes lack the strategic expertise that will help them scale up and expand beyond their local markets.

Our investment enables the fund manager to continue the strategy of its predecessor, the Atlantic Coast Regional Fund, to invest in African entrepreneurs and fast-growth firms that have the potential to become regional 'blue chips'.

In addition to much-needed growth capital, the fund manager provides managerial, technical and operational know-how to portfolio companies, driving business growth, job creation and regional integration.

The fund has invested in First Atlantic Bank, Ghana.

Environmental and social information

  • Environmental and social summary

    A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.

  • Environmental and social risk

    A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.

Environmental and social summary

We worked closely with the fund manager to develop and implement an ESMS.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    January 2024
    Project number

    An identifier number shared by investments in the same project.


    The current status of the investment (green flag for active and red flag for exited).


    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.


    The countries from which we derive the value of our investment. Where value is derived from multiple countries, this is indicated.

    Cameroon, Cape Verde, Cote d'Ivoire, Ghana, Nigeria

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    Financial services, Food & Agriculture, Manufacturing

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Start date :
    July 2016
    Amount :
    Currency of investment :
    Fund Manager:
    Advanced Finance and Investment Group

    The company or investment fund’s place of incorporation.


Investments made by this fund into companies:

For further information about these companies, visit

Investment name Country Region Sector Start date Status
Axis Pensions Group Limited Ghana West Africa Financial services March 2019 Active
First Atlantic Bank Ltd. Ghana West Africa Financial services January 2018 Active
NEM Insurance plc Nigeria West Africa Financial services December 2018 Active
Nouvelle Mici – Embaci Cote d'Ivoire West Africa Manufacturing August 2019 Active
Soproicam Cameroon Central Africa Food & Agriculture April 2020 Active
Tecnicil Industria Cape Verde West Africa Food & Agriculture April 2017 Active

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