The UK’s development finance institution CDC has made two new senior appointments: Chris Coles as chief investment officer and Tenbite Ermias as head of Africa.

Coles will oversee CDC’s overall investment strategy, the financial performance of its portfolio and the allocation of capital across its target geographies of Africa and South Asia. He replaces Frances Reid, who has taken on a new role as managing director, covering investment risk, policy and analytics.

Coles joins from Actis, where his previous roles include chairman of the executive committee, COO and a board director. He has more than 25 years of investment experience, having previously worked at Barclays Capital, SG Warburg and WPP Group.

Meanwhile, as CDC’s new head of Africa, Ermias will be responsible for leading the development of the institution’s business in Africa. He will be based in Nairobi from late summer 2018.

He joins from McKinsey, where he has been a partner for three years. Originally from Ethiopia, he has worked in global roles in South Africa, Kenya, the US and the UAE. Prior to McKinsey, he was with the Boston Consulting Group for over 13 years.

Both will sit on CDC’s executive committee.

Welcoming the appointments, CDC’s chief executive Nick O’Donohoe says: “As CDC grows and plans to invest more than ever in its history, Chris will play a key role in ensuring we continue to get the right type of capital to those businesses that make the most impact. Tenbite’s appointment will help CDC expand the reach of our capital in Africa and strengthen our relationships with our investee companies, fellow investors, governments and other stakeholders.”