British International Investment

Injaro Agricultural Capital Holdings Ltd

Burkina FasoCote d'IvoireGhanaGlobalMaliNigerAfricaConsumer - other servicesFood & AgricultureGeneralist

The Injaro Agricultural Capital Holdings Fund (IACH) is an agriculture-focused fund which makes investments in debt, quasi-equity, and equity in small-and medium-sized agricultural enterprises in Ghana, Côte d’Ivoire, Mali, Burkina Faso, Niger and Sierra Leone.

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

Our investment

Description of the investment.

In August 2014, CDC committed $15 million to IACH through the Impact Fund, alongside investments from the French and Dutch DFIs, Proparco and FMO, and private capital from the Lundin Foundation, Netri Foundation, Soros Economic Development Fund and Alliance for a Green Revolution in Africa.

Our investment helps farmers in West African countries, including Ghana, Cote d’Ivoire and Mali, improve their food security.

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.

Farmers in West Africa struggle to increase their productivity and to access markets.

IACH invests in companies that improve access to local supply chains for smallholder farmers, helping them to boost trade and make the most of export opportunities.

Injaro provides business advice as well as technical assistance to build managerial and financial capacity within investee companies.

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 focused on the appointment of a dedicated Operations & ESG officer with responsibility for implementing the ESMS, collaboration with BII on ESDD for the first three investments to agree on appropriate corrective action plans, and developing a detailed Land Policy.

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.

    March 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.


    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, Food & Agriculture, Generalist

    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 :
    September 2014
    Amount :
    Currency of investment :
    Fund Manager:
    Injaro Investments Ltd

    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
Agricare Limited Ghana West Africa Food & Agriculture April 2015 Active
AviNiger Niger West Africa Food & Agriculture June 2017 Active
Comptoir 2000 Mali West Africa Food & Agriculture August 2015 Active
ES Alheri Niger West Africa Food & Agriculture June 2011 Active
Faso Kaba SARL Mali West Africa Food & Agriculture November 2010 Active
First Loss Provision Global Rest of the World Generalist December 2018 Exited
Gold Coast Fruits Limited Ghana West Africa Food & Agriculture June 2016 Active
Kona Agri-Processing Ltd. Ghana West Africa Food & Agriculture March 2011 Active
M&B Seeds Ltd. Ghana West Africa Food & Agriculture May 2011 Exited
Neema Agricole du Faso SA (Nafaso) Burkina Faso West Africa Food & Agriculture October 2012 Exited
Novafrique SA (NISA) Cote d'Ivoire West Africa Food & Agriculture July 2018 Active
Protein Kissee-La SA Cote d'Ivoire West Africa Food & Agriculture June 2016 Exited
Proveto Cote d'Ivoire West Africa Food & Agriculture January 2013 Active
Sahel Grains Ghana West Africa Food & Agriculture July 2016 Exited
Sekaf Ltd Ghana West Africa Consumer - other services July 2013 Active

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