Kenya awaits vote results in Tuesday's election which saw close race for William Ruto and Raila Odinga View More

UK eyes investment in Somalia port with DP World

The joint investment will eventually be expanded to other African countries [File photo]

DUBAI - Britain's development finance agency CDC Group has hired Citi to advise it on up to $1.72 billion in logistics infrastructure investments it plans to deploy in Africa jointly with Dubai ports giant DP World, two sources said.

A CDC spokesperson confirmed to Reuters via email that it worked with Citi on the transaction.

The investments will initially focus on expanding ports operated by DP World in Egypt's Ain Sokhna, Senegal's Dakar, and Berbera in Somalia's breakaway region of Somaliland, CDC said this week.

State-owned DP Word has committed to investing $1 billion over the next several years, while CDC has committed $320 million and could potentially invest up to a further $400 million.

The partnership plans to invest, along with ports, in infrastructures such as container depots and business parks.

CDC, which is owned by the British state, will own minority stakes in the three ports, with DP World handing over some shares in each.

Related Articles

IIhan Omar clinches Democratic Party ticket in fiercely contested primaries

Omar will face GOP-endorsed candidate Cicely Davis, who defeated Royce White and Guy Gaskin in the Republican primary, in November.

  • World


  • 09:08AM

China urges support for Africa to enhance capacities

There should be no political conditions attached to aid, nor should there be interference in internal affairs of African countries, or to replace the role of local governments, he said.

  • World


  • 04:49PM