Port terminal operator DP World and UK鈥檚 CDC Group have partnered to invest $1.72bn (鈧�1.5bn) in ports and logistics infrastructure across Africa.
Dubai-based DP World said it has seeded the newly created venture with stakes in existing ports in Senegal, Egypt and Somaliland and expects to invest a further $1bn through the platform over the next several years. CDC, the UK government-owned development finance institution, is committing $320m initially and expects to invest up to a further $400m over the next several years.
The platform will invest in origin and destination ports, inland container depots, economic zones and other logistics across Africa to increase trade, create new job opportunities and broaden access to essential goods.
Sultan Ahmed bin Sulayem, group chairman and CEO, DP World, said: 鈥淏y combining our in-depth knowledge of ports and logistics and CDC鈥檚 expertise in infrastructure investment in Africa, we can drive greater supply chain efficiencies, provide improved trade connectivity and ultimately enhance value for all stakeholders.鈥�
Nick O鈥橠onohoe, CDC Group CEO, said: 鈥淎frica鈥檚 full potential is limited by inadequate ports and trade bottlenecks, putting the brakes on economic growth in some of the world鈥檚 fastest-growing economies and undermining social resilience in the least developed parts of the world.
鈥淭his platform will help entrepreneurs and businesses accelerate growth with access to reliable trade routes, and it will help African consumers benefit from the improved reliability and reduced cost of vital goods and food staples.鈥�
To read the digital edition of the latest 91传媒在线 magazine click here.
