$1.7 billion investment signed to develop Africa’s infrastructure
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The Dubai ports giant, DP World, and the UK’s development finance agency, CDC Group, agree on a joint investment to modernize logistics infrastructure in Africa.
Egypt’s AinSokhna, Senegal’s Dakar and Berbera in Somalia’s breakaway region of Somaliland, all operated by DP World, will benefit from this investment. The $1.7billion investment will initially focus on expanding these three ports.
The partners of this investment hope to expand other regions in Africa as well to help enhance inbound and outbound trade for the continent.
According to CDC, the expansion of the three ports will support five million jobs and add $51bn to total trade by 2035. This investment is also expected to benefit 35 million people including those from neighbouring countries.
By: Moud Sinaman