British International Investment

African Rivers Fund IV

AngolaDemocratic Republic of CongoKenyaUgandaZambiaCentral AfricaEast AfricaSouthern AfricaBusiness and consumer servicesConstruction and real estateFood and agricultureHealthInfrastructureManufacturingTechnology and telecoms

African Rivers Fund IV (“ARF IV”), a Mauritius limited partnership, is targeting US$135 million to construct a portfolio of investments diversified in Central and East Africa, which collectively capture the underserved small and medium-sized enterprises (“SMEs”). ARF IV’s investment objective is to provide long-term financing to SMEs through self-liquidating instruments, including straight debt, debt with revenue-sharing, and debt with equity.

Our investment

Description of the investment.

We invested in African Rivers Fund IV to increase access to credit for SMEs in DRC, Zambia, Uganda and Angola.

Impact information

Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.

What?

Impact

Increased economic opportunities for employees and suppliers, as well as increased access to goods and services for domestic consumers due to increased firm growth and well-being (SDGs 8.3, 8.5).

How?

How?

The investment will support SMEs' need for capital to enable their growth, improve their liquidity and revenue generation.

Who?

Stakeholder Geography Characteristics
Employees and suppliers

DRC, Uganda, Angola and Zambia

Mix of full time employees and temporary employees, the majority of which are expected to be low-income.
Consumers

DRC, Uganda, Angola and Zambia

Likely mostly urban. Given target geography and poverty levels in these countries, we expect some consumers to be low-income. However, given goods and services provided by SMEs we expect a majority to be from higher income segments.

How much?

Scale Depth/Duration

We expect the fund to invest in more than 50 companies.

We expect the impact to be the deepest for businesses without access to other sources of finance and low-income employees who either become employees or experience job stability, wage increases or improved working conditions as a result of the financing.

We expect the impact to be the deepest for low-income consumers or consumers living in rural areas who have more limited access to goods and services. Impact is expected to be long-term.

Contribution/additionality

Contribution/additionality

It is unlikely to reach target fund size without our contribution. We will also have value additionality by helping to improve the fund's E&S processes and systems.

Risk

Execution Risk

There is a risk that the fund does not manage to originate sufficient pipeline across geographies.

Evidence Risk
External Risk

Macroeconomic risk and fragility of the markets the fund targets is an inherent external risk.

Impact score

Impact score (at point of investment)

The Impact Score is a tool to help us manage our performance against our strategic impact objectives. It is designed to incentivise investments that support our productive, sustainable, and inclusive objectives. The Impact Score shown is based on the 2022-2026 Impact Score methodology. You can find out more here.

The Impact Score is published for investments made from 2022 onwards. The Impact Scores are calculated at the point of investment. We publish the Impact Scores of new investments annually, once the information has been externally assured by an independent third party.

9

Understanding our impact information (PDF)

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

In collaboration with other DFIs, we agreed an ESAP with the GP which focuses on having dedicated E&S capacity, strengthening their approach to E&S risk management which includes human rights, safeguarding and physical climate risks.

Environmental and social risk

Medium-High

Understanding our approach to environmental and social risk (PDF)

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
    First published

    When the investment was first published on the website database.

    :
    June 2024
    Last updated

    When the last quarterly update of the website database occurred.

    :
    June 2026
    Project number

    An identifier number shared by investments in the same project.

    :
    D6020
    Status

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

    :
    Active
    Region

    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
    Country

    The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.

    :
    Angola, Democratic Republic of Congo, Uganda, Zambia
    Sector

    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.

    :
    Business and consumer services, Construction and real estate, Food and agriculture, Health, Infrastructure, Manufacturing, Technology and telecoms

    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.

    Type of investment portfolio that each investment is made under. Since 2014, we have run two investment portfolios: Catalyst and Growth. In addition, our Kinetic Portfolio enables us to manage concessional investment strategies.

    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 policy :
    Catalyst
    Investment type :
    Fund
    Start date :
    March 2024
    Amount :
    $15m
    Currency of investment :
    USD
    Fund manager:
    XSML Capital Ltd
    Domicile

    The company or investment fund’s place of incorporation.

    :
    Mauritius

    Click here to read our data guidance

Investments made by this fund into companies:

For further information about these companies, visit https://www.xsmlcapital.com/

Investment name Country Region Sector Fossil Fuel or Renewable Exposure Start date Status
Alcove Ltd Kenya East Africa Infrastructure September 2025 Active
BricoKin SARL Democratic Republic of Congo Central Africa Manufacturing June 2024 Active
Dreampack Ltd Uganda East Africa Manufacturing September 2024 Active
ETS Aqua Kola Democratic Republic of Congo Central Africa Food and agriculture September 2025 Active
ETS Dev Democratic Republic of Congo Central Africa Business and consumer services September 2025 Active
GMA Sarl Democratic Republic of Congo Central Africa Business and consumer services June 2024 Active
GoPhones Ltd Zambia Southern Africa Technology and telecoms March 2025 Active
GSK General Enterprises Ltd Uganda East Africa Food and agriculture December 2024 Active
Gulkis Commercio e Industria Ida Angola Central Africa Business and consumer services September 2024 Active
Hyperpsaro Sarl Democratic Republic of Congo Central Africa Food and agriculture March 2025 Active
Immobilier Petit Pont SAU Democratic Republic of Congo Central Africa Construction and real estate December 2024 Active
Infoset Sarl Democratic Republic of Congo Central Africa Technology and telecoms March 2025 Active
Inn Kin Sarl Democratic Republic of Congo Central Africa Business and consumer services December 2024 Active
Intermarcas Lda Angola Central Africa Food and agriculture March 2025 Active
Kayser Congo Sarl Democratic Republic of Congo Central Africa Business and consumer services March 2025 Active
Latitude Fifteen Degrees Limited Zambia Southern Africa Business and consumer services June 2025 Active
Marth Automobile Co ltd Uganda East Africa Manufacturing December 2025 Active
Mass Projects (u) Ltd Uganda East Africa Technology and telecoms December 2024 Active
PGT Sarl Democratic Republic of Congo Central Africa Business and consumer services September 2024 Active
Premier World Travels Ltd Uganda East Africa Business and consumer services December 2024 Active
Prime Concept Uganda East Africa Manufacturing September 2024 Active
Ranchers Finest Ltd Uganda East Africa Food and agriculture December 2024 Active
Rovis Investments Ltd Uganda East Africa Construction and real estate June 2024 Active
Selton Hotel Sarl Democratic Republic of Congo Central Africa Business and consumer services December 2024 Active
Shalina Pharmaceuticals Zambia Ltd Zambia Southern Africa Health June 2025 Active
Societe Immobiliere Kin Piazza SARL Democratic Republic of Congo Central Africa Construction and real estate December 2025 Active
SoGood SARL Democratic Republic of Congo Central Africa Business and consumer services September 2024 Active
Upcycle – Industria De Gestão Ambiental, LDA Angola Central Africa Health January 2025 Active
Wood Flex Uganda Limited Uganda East Africa Manufacturing September 2025 Active
Zara General Trading Ida Angola Central Africa Business and consumer services December 2024 Active
Zenith Pipes Limited Zambia Southern Africa Manufacturing September 2025 Active

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