British International Investment

SGI Ethiopia Growth and Transformation Fund

EthiopiaEast AfricaConsumer - EducationConsumer - HealthFood & AgricultureManufacturing

The Schulze Global Ethiopia Growth and Transformation Fund I, (Ethiopia fund) was launched in 2012 to focus on small and medium-sized enterprises (SMEs) in Ethiopia. 

It is the first private equity SME fund focused on the country and is managed from Addis Ababa by an experienced team. The fund will explore various sectors including agri-processing, manufacturing, education and healthcare.

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

Our investment

Description of the investment.

CDC invested $15 million in the Ethiopia fund in 2012, alongside other European DFIs including the Netherlands’ FMO and  Germany’s DEG, and other institutional and fund-of-fund investors.  

Our investment will provide much-needed growth capital to SMEs in this low-income country, particularly for smallholders and agribusinesses.

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.

The private sector in Ethiopia is young, and entrepreneurs and enterprises are in dire need of finance. The Ethiopia fund aims to highlight the country as an investment destination and provide growing private sector businesses with access to funding. 

Our investment will support the growth of Ethiopian companies (transform the country’s agricultural and food production). In January 2016, SGI acquired a 45 per cent stake in MB PLC (Family Milk), a leading dairy processor in Ethiopia. By implementing international best practices in dairy processing and product development, it aims to build the country’s leading dairy company including launching the country’s first UHT milk processing plant.

In addition to providing capital, the fund also supports the growth strategy of the SMEs in which it invests, for example, by advising management teams, supplementing technical expertise, and taking an active role on boards.  The fund manager previously invested in three local companies which were then transferred to the fund: a coffee-roasting company, a cement factory and an international school.

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 worked closely with the fund manager to develop and implement an ESMS for this first-time fund.

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.

    June 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.

    East Africa

    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 - Education, Consumer - Health, Food & Agriculture, Manufacturing

    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 :
    January 2013
    Amount :
    Currency of investment :
    Fund Manager:
    Schulze Global Ethiopia GP

    The company or investment fund’s place of incorporation.

    Cayman Islands

Investments made by this fund into companies:

For further information about these companies, visit

Investment name Country Region Sector Start date Status
Afri Flowers Holding B.V. (Afriflora)/Flamingo Horticulture Ltd (Flamingo) Ethiopia East Africa Food & Agriculture August 2018 Active
Family Milk Ethiopia East Africa Food & Agriculture January 2016 Active
Flipper Kindergarten Plc Ethiopia East Africa Consumer - Education February 2013 Exited
Jalannera Coffee Export & Coffee Farm Plc Ethiopia East Africa Food & Agriculture February 2013 Active
Kaliti Food Share Company Ethiopia East Africa Food & Agriculture December 2013 Active
National Cement Share Company Ethiopia East Africa Manufacturing February 2013 Exited
Origin Water Ethiopia East Africa Food & Agriculture May 2016 Active
SA-Med Plc Ethiopia East Africa Consumer - Health June 2014 Active

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