British International Investment (BII), the United Kingdom’s development finance institution and impact investor, and the Public Investment Corporation (PIC), one of Africa’s most influential asset managers, have taken a major step forward in their new strategic collaboration aimed at boosting investment across the continent.
Earlier in the year, both institutions signed a Memorandum of Understanding (MoU) to jointly explore high-impact investment opportunities capable of strengthening Africa’s economic resilience and promoting sustainable development. That agreement has now produced its first concrete outcome.
BII and PIC have officially announced their inaugural joint investment, with PIC joining BII to support the Enko Impact Credit Fund—a private credit fund designed to deliver growth capital to mid-sized African companies. These firms often occupy a crucial place in local value chains but remain underserved by traditional banks and global financiers.
The Enko Impact Credit Fund seeks to close this funding gap by offering customised financing solutions that help African companies expand into new markets, create jobs, and increase industrial output. The fund prioritises sectors such as agriculture, telecommunications, clean energy, manufacturing, and financial services—areas considered essential for broad-based and inclusive economic development.
Leslie Maasdorp, Chief Executive Officer of BII, said the investment marks a turning point in the partnership.
“We are delighted to welcome PIC as a partner in supporting Enko Capital’s private credit fund. This milestone represents the first investment under the landmark partnership we formalised earlier this year. It reflects our shared ambition to deepen collaboration and unlock new opportunities for transformative, sustainable growth across Africa.”
PIC’s CEO, Patrick Dlamini, emphasised the alignment between Enko’s mission and PIC’s mandate.
“Driving economic and financial inclusion is key to our intermediaries mandate. Enko Capital provides an effective vehicle for us to advance this mission while delivering long-term value to our clients. Working alongside Enko, BII, and other institutions will expand access to flexible capital for mid-sized African businesses—supporting job creation, industrialisation, and long-term value creation. The demand for private credit in Africa continues to rise as businesses seek more diverse funding options.”
Alain Nkontchou, Managing Partner at Enko Capital, expressed optimism about the strengthened relationship.
“This investment from the PIC reinforces a partnership that has existed since 2016. It is also exciting to be part of the first transaction executed under the recently signed BII–PIC partnership, which is geared toward mobilising vital capital across the continent.”
With this first deployment, the BII–PIC partnership signals a long-term commitment to expanding Africa’s financial ecosystem, strengthening local businesses, and driving development pipelines capable of delivering meaningful economic transformation.
