SPE Capital Africa Industrialisation Fund

Egypt, Morocco, Tunisia Health, Manufacturing, Education

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

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 aspects

We continue to support the fund manager in the implementation of its robust environmental and social management system (ESMS), particularly in managing specific risks associated with this sector

Key facts


Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

Africa, North Africa

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people. For funds, the sectors listed here are those the fund has invested in so far.

Education, Health, Manufacturing
Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

Intermediated investment
Fund manager:
SPE Capital
Start date

For direct investments, this is the date British International Investment committed capital to the business or project.

For funds, this is the date that British International Investment committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

February 2019

For direct investments, this is the total amount that British International Investment has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that British International Investment has committed to the fund.


This is the investee company’s place of incorporation; or a fund’s jurisdiction.


Investments made by this fund

  • Active
  • Exited
Investment name Country Region Sector Start date Status
Future Pharmaceuticals Industries

Future Pharmaceutical Industries is a national Egyptian pharma company.

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Egypt Africa, North Africa Health June 2019 Active
Holged Tunisie

Holged Tunisie is the leading operator of K-12 level education in Tunisia, owning and managing the International School of Carthage ('ISC'), and with the ambition to build a group of schools across the country under the ISC brand name.

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Tunisia Africa, North Africa Education September 2019 Active
H and S

H&S is a leading distributor of fast-moving consumer goods in Morocco.

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Morocco Africa, North Africa Manufacturing December 2019 Active
Saham Pharma

Saham Pharma is a pharmaceutical production and distribution company based in Morocco. It specialises in the production of antibiotics for the general public and the distribution of niche products for the hospital sector (plasma factors for treating hemophilia, chemotherapy supplements, painkillers). Saham Pharma is one of the main suppliers of antibiotics and specialty drugs in Morocco.

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Morocco Africa, North Africa Health March 2020 Active

We are now British International Investment