This investment was made when British International Investment was named CDC Group.
Our investment
In 2016, British International Investment 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
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 aspects
We worked closely with the fund manager to develop and implement an Environmental and Social Management System (ESMS).
Key facts
- Status:
- Active
- Region
:
Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.
- Africa, West Africa
- Sector
:
We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.
- Financial services, Food and agriculture, Manufacturing
- Website:
- http://www.afigfunds.com/
- Investment type
:
We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).
- Intermediated investment
- Fund manager:
- Advanced Finance and Investment Group
- Start date
:
For direct investments, this is the date British International Investment committed capital to the business or project.
For funds, this is the date that British International Investment committed capital to the fund.
For underlying fund investments, this is the date that the fund invested capital into the business.e
- July 2016
- Amount
:
For direct investments, this is the total amount that British International Investment has committed to the business or project (it may be a combination of equity and debt).
For funds, this is the total amount that British International Investment has committed to the fund.
- $20m
- Domicile
:
This is the investee company’s place of incorporation; or a fund’s jurisdiction.
- Mauritius
Investments made by this fund
- Active
- Exited
| Investment name | Country | Region | Sector | Start date | Status |
|---|---|---|---|---|---|
| Tecnicil Industria | Cape Verde | Africa, West Africa | Food and agriculture | April 2017 | Active |
| First Atlantic Bank | Ghana | Africa, West Africa | Financial services | January 2018 | Active |
| NEM Insurance plc | Nigeria | Africa, West Africa | Financial services | December 2018 | Active |
|
Axis Pensions Group Limited
Axis Pensions Group is headquartered in Accra, Ghana, and offers retirement savings products and fund administration expertise. |
Ghana | Africa, West Africa | Financial services | March 2019 | Active |
|
Nouvelle Mici – Embaci
Nouvelle Mici-Embaci is a packaging and printing solutions provider located in Abidjan, Ivory Coast. |
Cote d'Ivoire | Africa, West Africa | Manufacturing | August 2019 | Active |
|
Soproicam
Soproicam is a soya bean processing company in Cameroon. |
Cameroon | Africa, Central Africa | Food and agriculture | April 2020 | Active |
| ITOJU | Africa, West Africa | Financial services | Active |
