This investment was made when British International Investment was named CDC Group.
We have now exited this investment. This is what we achieved.
Achieved impact
In 2015, we committed $5.25 million to HCG Africa, to build a pan-African oncology ‘hub and spoke’ specialist platform. This was done alongside HCG Enterprises, a leading single speciality oncology chain in India which had developed strong marketing ties in multiple African countries.
HCG Africa committed $7.25 million alongside us, as well as providing critical headquarter support including senior management time, technical expertise and access to improved equipment and oncology drug purchase terms. The investment closed in 2017 when HCG Africa successfully acquired Cancer Care Kenya to develop into its first centre of excellence for the East African region.
Expected impact
In 2015, CDC made an investment of $5.25 million into HCG Africa alongside HCG Group.
We invested to support India’s market leader in oncology to establish centres of excellence in cancer care in Africa and Asia by bringing technology and expertise to tens of thousands of patients.
Cancer is an increasingly large health care burden in sub-Saharan Africa, killing over 500,000 people a year and rising – with expectations that it will quickly outpace malaria and HIV as a cause of death.
Today, cancer patients in Africa face a 70 per cent mortality rate with few, outdated, treatment options. There is also limited availability of advanced chemotherapy drugs. As a result, in East Africa alone, over 2,000 medical tourists leave annually for cancer treatment, typically having been diagnosed with a poor prognosis at a late stage.
HCG has treated hundreds of African patients in India and believes that it can improve outcomes and affordability by providing local treatment.
Our investment allows HCG Africa to focus on providing high-quality out-patient diagnostics, chemotherapy and radiotherapy in several African countries. Through outreach camps the company will give thousands of people the opportunity to be screened for cancer at no cost with the aim of saving lives through early detection.
It will also provide advanced technology not currently available in sub-Saharan Africa (outside South Africa), such as the first cyclotron and PET-CT based diagnostics and treatment planning.
It will be substantially cheaper for a patient to be treated by HCG locally than for them to travel to India for similar quality treatment.
The joint venture’s first operation is a $4.1 million investment in Cancer Care Kenya, a leading Nairobi-based radiotherapy provider.
It is also actively pursuing partnerships across Africa.
Reporting and Complaints Mechanism
The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to reportsandcomplaints@bii.co.uk or by mail. See more details on our Reporting and Complaints Mechanism here.
For any other general enquiries contact us at enquiries@bii.co.uk
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Key facts
- Last updated
:
When the last quarterly update of the website database occurred.
- June 2024
- Project number
:
An identifier number shared by investments in the same project.
- D2035
- Status
:
The current status of the investment (green flag for active and red flag for exited).
- Exited
- Region
:
The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.
- Africa
- Country
:
The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.
- Africa
- Sector
:
We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.
- Consumer - Health
- Investment type :
- Equity
- Start date :
- June 2017
- End date :
- September 2021
- Amount :
- $5.25m
- Currency of investment :
- USD
- Domicile
:
The company or investment fund’s place of incorporation.
- Mauritius
We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.
For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.
For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.
For direct equity investments, this is the date at which British International Investment exited the investment.
For debt investments, this is the date at which the final debt repayment was made.
For funds, this is the date at which the fund was terminated.
For underlying fund investments, this is the date at which the fund manager exited the investment.
The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.
For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.
The currency in which the investment was made.
- Last updated
