British International Investment

SPE Capital Africa Industrialisation Fund

Cote d'IvoireEgyptMoroccoTunisiaAfricaConsumer - EducationConsumer - HealthConsumer - other servicesFinancial servicesFood & AgricultureInfrastructure

This fund focusses mainly on industrialisation in North Africa. The fund will target manufacturing and sectors with strong industrialisation links such as logistics and healthcare, and will predominantly invest in Tunisia, Morocco and Egypt.

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

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 fund will address areas such as import substitution, export growth and human capital development, providing capital to high-growth companies with the potential to grow into market leaders, and in some occasions expand into regional markets. This will support job creation in North Africa, where youth unemployment stands at twice the global average.

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 continue to support the fund manager in the implementation of its robust ESMS, particularly in managing specific risks 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.

    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.


    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, Consumer - other services, Financial services, Food & Agriculture, Infrastructure

    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 :
    February 2019
    Amount :
    Currency of investment :
    Fund Manager:
    SPE Capital

    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
Ademat Cote d'Ivoire West Africa Infrastructure April 2021 Active
Future Pharmaceuticals Industries Egypt North Africa Consumer - Health July 2019 Active
GlobalCorp Financial Services S.A.E. (Project Goldman) Egypt North Africa Financial services April 2022 Active
H and S Morocco North Africa Infrastructure September 2019 Active
Holged Group Morocco, Tunisia North Africa Consumer - Education March 2022 Active
Holged Tunisie Tunisia North Africa Consumer - Education July 2019 Active
Outsourcia Morocco North Africa Consumer - other services September 2022 Active
Saham Pharma Morocco North Africa Consumer - Health March 2020 Active
Societe Vital SA Tunisia North Africa Food & Agriculture December 2022 Active

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