PIC and British International Investment Ink Landmark Deal to Boost Sustainable Growth in Africa

The Public Investment Corporation (PIC) and British International Investment (BII) have formalized a strategic partnership that aims to unlock impactful investment opportunities across Africa, following the recent signing of a Memorandum of Understanding (MoU).

This collaboration brings together Africa’s largest asset manager and the United Kingdom’s development finance institution to spearhead sustainable development projects in key sectors such as agriculture, infrastructure, financial services, and climate-focused initiatives.

The newly signed MoU outlines a framework for joint exploration of high-impact deals, co-investment prospects, and knowledge sharing between the two heavyweight institutions. Central to the agreement is the mutual goal of accelerating Africa’s economic transformation through inclusive and productive investment.

Driving Development Through Partnership

Abel Sithole, outgoing CEO of the PIC, described the MoU as a defining moment for continental investment collaboration. “The BII partnership cements our strategy of investing through partnerships. It will enable blended funding models that unlock critical infrastructure development, industrialisation, and trade opportunities on the continent,” he said.

With a portfolio focused on development-oriented investments, the PIC continues to prioritise projects in sectors like manufacturing, mining, and unlisted opportunities within and beyond South Africa.

Echoing this, Kabelo Rikhotso, the PIC’s Chief Investment Officer, emphasised the value of cooperative strategies. “We consider cooperation and partnerships crucial in delivering client mandates. This MoU opens the door to expand our African footprint,” he said. “The ability to share deal pipelines and co-invest will strengthen our mission to drive long-term, impactful investment.”

A Legacy of Impact Meets African Ambition

BII, with a 75-year legacy of investing in Africa, has channelled over R105 billion (approx. $5.6 billion) into 810 companies across the continent. Its mandate is rooted in building resilient, inclusive, and sustainable economies by empowering businesses that support local communities and economic resilience.

CEO Leslie Maasdorp said the collaboration represents a powerful convergence of mission and capability. “By leveraging our collective expertise, we can unlock transformative investments that advance sustainable development, drive growth, and attract more commercial capital into Africa’s most vital sectors,” he stated.

UK–South Africa Growth Partnership in Action

The partnership has also been welcomed by the British High Commissioner to South Africa, Antony Phillipson, who described the MoU as a milestone in strengthening bilateral relations between the UK and South Africa.

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“This landmark partnership reflects our shared commitment to mobilising capital for sustainable development across Africa. It unites two institutions with a common vision—unlocking inclusive growth, supporting resilient infrastructure, and creating long-term opportunities for the continent,” Phillipson said.

Looking Ahead

With both organisations committed to reviewing opportunities across asset classes—from equity to debt to private funds—the MoU sets a precedent for future co-investments that align with national and continental development goals.

As Africa faces growing infrastructure gaps and economic challenges, the alignment of public capital with impact-driven finance could prove a catalyst for long-term transformation. The PIC–BII partnership represents a deliberate shift towards scalable, sustainable solutions, with shared expertise at the helm.

This collaboration not only amplifies Africa’s voice in global investment conversations but also brings real prospects for prosperity—by Africans, for Africa.