Project detail - AFRICINVEST III-SPV1.

AFRICINVEST III-SPV1.

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Who is our client

Britam is a leading financial services company listed on the Nairobi Stock Exchange, and has subsidiaries in Kenya, Uganda, Tanzania, Rwanda, Mozambique, Malawi and South Sudan. The group is involved in various businesses including life insurance, property & casualty insurance (general insurance), health (medical) insurance, asset management, property development. It also has substantial direct investments in the banking sector.

Funding objective

The new infusion of capital is expected to support Britam’s strategy which includes increased digitalization, development of new products and further consolidation of its presence in the region.

Why we fund this project

We have invested in the insurance sector in Africa (together with AfricInvest, our long-term trusted partner) in the past, with great success. Britam’s regional operations, experienced management team, the entrepreneurial spirit of the key shareholders, and the company’s belief in good governance were all elements that attracted us to Britam. These are the ingredients that we typically look for as Investors. We are very excited about our partnership with Britam and are confident that it will grow into a regional champion and deliver strong returns to the shareholders of the company.

Environmental and social rationale

Project is rated FI-B. IFC invested in Britam in1H2017 and required the implementation of an ESMS. Britam has already appointed an E&S officer and has engaged E&S consulting firm EBS (www.ebsadvisory.com) to assist them with the development of the ESMS.

Region
Africa
Country
Kenya
Sector
Financial Institutions
Signing date
9/22/2017
Total FMO financing
KES 4942.78 MLN
Fund
FMO
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
B