Dubai-based global port operator DP World has partnered with UK’s CDC Group to create an investment platform that will spend $1.72 billion over the next few years to develop ports and logistics in Africa. 

DP World will contribute stakes in its assets that include ports in Dakar (Senegal), Sokhna (Egypt) and Berbera (Somaliland), it said in a statement on Tuesday.

It expects to invest a further $1 billion through the platform over the next several years.

CDC, a UK-government owned development finance institution and impact investor, will initially contribute $320 million and has committed an additional $400 million over the next few years.

Video: DP World is expanding operations in Africa

The partnership is expected to boost trade and deliver employment opportunities in the three countries.

Sultan Ahmed bin Sulayem, Group Chairman and CEO, DP World, said that responsible and sustainable infrastructure in Africa is key to unlocking the trade potential of the continent.

"By combining our in-depth knowledge of ports and logistics and CDC's expertise in infrastructure investment in Africa, we can drive greater supply chain efficiencies, provide improved trade connectivity and ultimately enhance value for all stakeholders."

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

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