London (SD) – DP World and CDC Group Plc, a British-owned company, have said they will invest $ 1.7 billion in three ports in Africa, including Berbera in Somaliland, Dakar in Senegal and Ain Sokhna in Egypt.
“We are excited to announce a partnership with CDC Group that will enable increased investment in ports and logistics infrastructure across Africa, driving efficiency and trade growth. The partnership will create transformational opportunities for tens of millions of people over the next decade.” Said Sultan Ahmed bin Sulayem, Group Chairman and CEO, DP World.
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.”
British Foreign Secretary Liz Truss tweeted that the CDC Group would pay $ 720 million.
The move, the companies said, would boost the vital products used by 35 million people, and will contribute 5 million jobs, including 138,000 new jobs, and contribute $ 51 billion by 2035.
“Stable and flourishing economies are built on reliable access to global and intra-continental trade. Africa’s full potential is limited by inadequate ports and trade bottlenecks, putting the brakes on economic growth in some of the world’s fastest-growing economies and undermining social resilience in the least developed parts of the world. This 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. Said Nick O’Donohoe, Chief Executive Officer, CDC.
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