DP World, Britain’s CDC to invest $1.7 billion in Africa
DUBAI: Dubai’s DP World and British development finance group CDC are investing $1.72 billion in Africa’s ports and logistics sector, Arab News quoted a statement, as saying.
The Dubai company is initially contributing its stakes in three ports in Africa and plans to invest a further $1 billion over the next few years, while the UK’s CDC is allocating $320 million, and an additional $400 million in the next several years.
“The partnership will create transformational opportunities for tens of millions of people over the next decade,” Sultan Ahmed Bin Sulayem, chairman and chief executive officer of DP World, said.
The move is part of the companies’ “common goal to invest in the long-term and help build responsible and sustainable infrastructure in Africa”, he added.
“In CDC, we have found a partner with whom we share the common goal to invest in the long-term and help build responsible and sustainable infrastructure in Africa, which is key to unlocking the trade potential of the continent,” he added.
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