Dubai’s DP World and U.K. development finance agency CDC Group have unveiled plans to invest up to $1.72 billion in logistics infrastructure in Africa over the next few years, according to Reuters.
The investment rollout will begin with the modernization of three ports operated by DP World in Egypt, Senegal and Somalia. The companies said the joint investments will be eventually expanded to other African regions and will also target infrastructure investments in container depots and business parks, alongside ports.
State-owned DP Word will contribute $1 billion, while CDC Group will add $320 million and potentially invest an additional $400 million later.
“We have an aligned vision with DP World in that we wanted to do this across the continent in as many ports as possible,” said Tenbite Ermias, head of Africa at CDC Group.
