CDC Group, the UK’s development finance institution, alongside Germany’s DEG, the European Investment Bank, FinDev Canada, FMO, Proparco, SIFEM and SwedFund International, have signed a memorandum of understanding with Development Partners International LLP, a pan-African private equity firm with $1.7 billion in funds under management, to become the first 2X Flagship Fund.

2X Flagship Funds are a new part of the 2X Challenge, a multilateral initiative launched by the DFIs of the G7...