08 Jun 2017
CIEL Group

Investing in Africa's dynamism

With the fastest growing middle-class incomes and 7 countries in the top 10 dynamic economies from around the world, Africa is not only a continent conducive to investment, but one with major growth opportunities and business potential.

Why is CIEL investing in Africa?

Between consumer spending by Africans expected to double by 2020 and the United Nations predicting Africa’s population growth to top the list by 2050, CIEL did not wait for the shifting demographics to start investing in the continent.

The group has already confidently invested in several of its key sectors including Agriculture (through its associate Alteo), Textile, Finance and Healthcare. The abundance of exploitable land, a captive market for sugar in East Africa and the fact that 65% of the African workforce is active in agriculture, made it a perfect location for Alteo to develop its sugar business in this region. The same logic applies for the textile industry with an accessible and qualified workforce in Madagascar while our finance or healthcare clusters are well positioned to benefit from a growing demand for financial or private healthcare services across the continent.

CIEL Group's investment perspectives in Africa

If one might consider that the availability of such a variety of resources and manpower will attract too many competitors for one’s business, keep in mind that Africa is vast, diverse and comprises a whole array of opportunities.

CIEL’s investments in Africa

Considering all these possible investment perspectives available in Africa, CIEL Group remains attentive to opportunities and will seize them whenever they are relevant.

We are, today, already present in four sectors on the African continent, and intend to build upon our existing assets for a sustainable growth.

Agro and Property sector

  • Present in Tanzania & Kenya through Alteo (an associate company of CIEL)

Textile sector

  • Present in Madagascar and South Africa
  • Aquarelle GroupTropic Knits Group & Floreal International have 6 factories in Madagascar employing more than 7000 people as well as a sales representative office in South Africa

Finance sector

  • CIEL Finance holds a controlling stake in BNI Madagascar, one of the leading bank in Madagascar with 58 branches and more than 70 ATMs.
  • CIEL Finance through its private equity business, Kibo Capital Partners managing Kibo Funds, holds investments in the following countries: Tanzania, Madagascar, Zambia, Kenya, Uganda, Rwanda. Kibo Capital Partners operates from Mauritius and from Nairobi in Kenya
  • CIEL Finance owns 58.82% of MITCOMITCO operates in Mauritius and is present in South Africa.
  • Finally, CIEL Finance through its asset management business, IPRO, also operates in Africa with an office in Bostwana.


  • CIEL Healthcare owns and operates through its subsidiary, CIEL Healthcare Africa, the International Medical Group Limited (IMG) in Uganda which counts 1 hospital, 14 clinics, 8 site clinics and 1 insurance business (HMO)
  • CIEL Healthcare also holds a stake in Hygeia Nigeria Limited in Nigeria, which is also operated by CIEL Healthcare Africa and counting 3 hospitals, 4 clinics, 9 site clinics, and 1 insurance business (HMO).