BII and South Africa's PIC sign Africa investment partnership
The agreement establishes a framework for the PIC and BII to jointly explore and pursue investment opportunities.
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South Africa’s Public Investment Corporation (PIC) and British International Investment (BII) have signed a memorandum of understanding to accelerate collaboration in investments across the African continent.
The agreement between one of Africa’s largest asset managers and the UK’s development finance institution, establishes a framework for the PIC and BII to jointly explore and pursue investment opportunities, aligning their mandates and resources.
The MoU outlines a commitment to share deal pipelines, facilitating the exchange of promising investment opportunities across various economic sectors like agriculture, financial services, infrastructure and climate initiatives.
The organisations have committed to review investment opportunities in debt, equity and funds.
According Abel Sithole, outgoing CEO of the PIC, the organisation’s strategy of investing on the rest of the African continent is underpinned by investing through partnerships. “The BII partnership cements this strategy and will enable the use of blended funding models to unlock investments that facilitate infrastructure development, industrialisation and trade on the continent. We are elated by the powerful force of two large impact investors working together for the benefit of Africa,” Sithole explained.
PIC chief investment officer, Kabelo Rikhotso, said: “We consider cooperation and partnerships as an important factor in our ability to deliver on client investment mandates. The signing of this MoU provides the opportunity to expand our investments across Africa. Sharing deal pipelines and the potential for co-investment opportunities provides important prospects for cooperation between the PIC as an asset manager and the BII as a global development finance institution, committed to investing in emerging economies.”
BII CEO, Leslie Maasdorp, added: “This partnership with PIC exemplifies our shared ambition to drive growth and increase impact across the continent. By leveraging our combined expertise and resources, we can unlock new opportunities for transformative investments that support sustainable development, drive economic growth, and attract increased commercial capital into key sectors across Africa.”
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