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CDC Group allots £2B for African investments over 2 years

London-based CDC Group PLC is aiming to double its portfolio size in Africa with an additional £2 billion investment in local businesses over the next two years.

The publicly owned impact investment firm disclosed at the U.K.-Africa Investment Summit in London almost $400 million of new partnerships, the bulk of which are intended to give African banks increased liquidity to support small and medium-sized enterprises, entrepreneurs and microbusinesses in their regions.

CDC said it agreed to a $100 million trade finance loan with South African bank Absa Group Ltd. and signed a memorandum of understanding to commit $100 million to Commercial International Bank (Egypt) SAE. It also signed a $75 million trade finance deal with TDB; and a $10 million debt agreement with Mettle Solar Africa to advance the rollout of solar energy in South Africa and Namibia.

CDC is also investing $27.5 million in the Mediterrania III Fund to help midcap businesses in northern and western Africa; $20 million in the Metier Sustainable Capital II Fund, which supports renewables on sub-Saharan Africa; and $15 million in the TLcom Capital LLP-managed TLcom Technology and Innovation for Developing Economies Africa Fund, which provides venture capital to sub-Saharan African businesses that leverage technology and innovation.

The investor added that it is committing $20 million each to the Adiwale I Fund and the Verod Cap Growth III Fund to support SMEs in western Africa.