DUBAI ports giant DP World and Britain’s development finance agency CDC Group on Tuesday committed to jointly investing $1.7bn on infrastructure in Africa over the next several years.
The investments in ports, container depots, business parks and other logistics infrastructure will be made through a newly created platform set up by DP World and CDC, they said.
State-owned DP World said it planned to invest $1bn over the next few years through the platform, to which it has already contributed minority stakes in three African ports.
The ports are in Egypt’s Sokhna, Senegal’s Dakar, and Berbera in Somalia’s breakaway region of Somaliland.
Britain’s CDC has committed to initially investing $320 million through the platform and an additional $400 million over the next several years.
‘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,’ DP World Chairman Sultan Ahmed bin Saeed said in a statement.