Dubai ports giant DP World and Britain’s development finance agency CDC Group on Tuesday said they planned to jointly invest up to 1.72 billion U.S. dollars in logistics infrastructure in Africa over the next several years, starting with modernizing three ports.
“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.
They said that 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.
DP World said it planned to invest 1 billion U.S. dollars 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 U.S. dollars through the platform and an additional 400 million over the next several years.