British International Investment

Africa Food Security Fund I

AfricaCameroonKenyaMozambiqueSouth AfricaTanzaniaCentral AfricaEast AfricaSouthern AfricaConsumer - other servicesFinancial servicesFood & Agriculture

Africa Food Security Fund I makes
investments in food production and
processing throughout Africa at the small to
medium enterprise level.

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

Our investment

Description of the investment.

CDC made a $15 million investment into the Africa Food Security Fund (AFSF) alongside the Public Investment Corporation of South Africa, the Dutch Good Growth Fund, the African Development Bank, Denmark's IFU and EBID (the Economic Community of West African States' Bank for Investment and Development). Along with Kuramo Capital, the total commitments to the fund total $90 million.

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.

Food and agriculture can bring much-needed jobs and incomes to rural communities, increase food supply and reduce reliance on food imports. However, many investors shy away from some critical areas because of challenges and risks such as climate, biosecurity and commodity prices. AFSF will invest in businesses that have significant growth potential in their sector or region. It will invest in some primary agriculture, although its greater focus will be on areas such as processing and distribution, and on inputs into the sector such as fertiliser and agronomic services.

The availability of credit for agribusinesses is worsening, even relative to the difficult credit situation for small and medium enterprises (SMEs) in Africa, so the fund will reserve a greater amount of capital than usual for follow-on investments, to ensure its investees have sufficient capital to fund their growth potential which can otherwise be stalled.

The fund has a technical assistance facility which may be accessed by investee business to, for example, develop outgrower schemes that can have the dual benefit of improving the reliability of the supply chain for processors as well as increasing incomes and services for farmers.

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 agreed an ESAP focusing on strengthening the integration of environmental and social risk management across the investment cycle. The plan also required the addition of a full time environmental and social officer with experience working in the agribusiness sector to the management team.

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.

    Central Africa, East Africa, Southern Africa

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

    Africa, Cameroon, Kenya, Mozambique, South Africa, Tanzania

    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.

    Consumer - other services, Financial services, Food & Agriculture

    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 :
    October 2018
    Amount :
    Currency of investment :
    Fund Manager:
    Zebu Investment Partners

    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
Africa Merchant Capital Trade Finance Africa Africa Financial services November 2020 Active
Copia Kenya East Africa Food & Agriculture December 2021 Active
Elgin Free Range Chickens (ERFC) South Africa Southern Africa Food & Agriculture November 2021 Active
iQ Logistica South Africa Southern Africa Food & Agriculture September 2020 Active
Royal Oven Limited (ROL) Group Tanzania East Africa Consumer - other services October 2019 Active
Terramar Limitada Mozambique East Africa Food & Agriculture March 2022 Active
West End Farms (WEF) Cameroon Central Africa Food & Agriculture June 2019 Active

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