British International Investment

Meridiam Infrastructure Africa Fund

Cote d'IvoireEthiopiaGabonKenyaMadagascarMauritaniaSenegalAfricaInfrastructure

Meridiam is a global investor and asset manager specialising in public and community infrastructure. The firm typically invests in greenfield or new primary projects in the renewable power, transportation, public accommodations, health, education, and environment sectors.

The Paris-based firm was founded in 2005. To date it has invested in over 44 transport, building and public services projects.

In 2015, it launched the Meridiam Infrastructure Africa Fund (MIAF) to make long-term investments in African infrastructure.

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

Our investment

Description of the investment.

In 2016, CDC made a €30 million investment into MIAF, alongside a €30 million investment from the European Investment Bank (EIB). In 2018, we made a €40 million top-up commitment to the fund.

Our investment will be used to build capacity in infrastructure delivery across the continent, which will harness the economic potential created by Africa's young population, burgeoning middle classes and increasingly urbanised population.

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.

There is a lack of robust energy, education, water and transport infrastructure throughout Africa, infrastructure which is essential to drive economic growth and improve lives across the continent. The fund manager will support the development of critical productive infrastructure supporting economic development, growth and job creation.

They have demonstrated a specific ability to develop strategic partnerships that enable it to successfully invest a significant proportion of the fund's capital into more challenging and underserved markets such as earlier stage project development, greenfield transactions, transport infrastructure and in Francophone West Africa.

This pan-African fund is expected to invest into eight to ten essential projects including energy, education, transport, water and waste management schemes which will support economic expansion and job creation.

MIAF has so far invested in four projects: two solar photovoltaic energy projects in Senegal, airports renovation in Madagascar, and a port in Gabon.

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 are working closely with the fund manager to develop and implement an ESMS that has the capacity to manage the higher level of environmental and social risk associated with this sector.

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.


    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 :
    November 2016
    Amount :
    Currency of investment :
    Fund Manager:
    Meridiam SAS

    The company or investment fund’s place of incorporation.


Related investments made by BII into this fund:

Investment name Commitment Region Sector Start date Status
Investment 02 $45.29m Africa Infrastructure December 2018 Active

Investments made by this fund into companies:

For further information about these companies, visit

Investment name Country Region Sector Start date Status
Biokala Cote d'Ivoire West Africa Infrastructure December 2018 Active
Bus Rapid Transit Dakar Senegal West Africa Infrastructure December 2021 Active
Kinguele Hydropower Plant Gabon Central Africa Infrastructure December 2018 Active
Nairobi Nakuru Expressway Kenya East Africa Infrastructure June 2021 Active
NEoT Offgrid Africa Cote d'Ivoire West Africa Infrastructure December 2018 Active
Nouakchott Port Mauritania West Africa Infrastructure March 2019 Active
Owendo Port Gabon Central Africa Infrastructure September 2017 Active
Ravinala Airports SA Madagascar East Africa Infrastructure May 2017 Active
Scaling Solar Kahone Senegal West Africa Infrastructure December 2018 Active
Scaling Solar Touba Senegal West Africa Infrastructure December 2018 Active
Senegy PV S.A Senegal West Africa Infrastructure June 2017 Active
Société Autoroutière du Gabon Gabon Central Africa Infrastructure June 2020 Exited
Ten Merina Ndakhar SA Senegal West Africa Infrastructure June 2017 Active
Tulu Moye Geothermal Ethiopia East Africa Infrastructure July 2018 Active

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