UK considers funding in Somali port with DP World

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UK considers funding in Somali port with DP World

DUBAI – UK growth finance company CDC Group has employed Citi to advise on as much as $ 1.72 billion in logistics infrastructure investments it plans to deploy in Africa at the side of Dubai port large DP World , mentioned two sources.

A CDC spokesperson confirmed to Reuters by e-mail that he was working with Citi on the deal.

Investments will initially concentrate on increasing ports operated by DP World in Ain Sokhna in Egypt, Dakar in Senegal and Berbera within the breakaway Somali area of Somaliland, CDC mentioned this week.

Crown company DP Word has pledged to speculate $ 1 billion over the following few years, whereas CDC has pledged $ 320 million and will doubtlessly make investments as much as a further $ 400 million.

The partnership plans to speculate, with the ports, in infrastructure akin to container depots and enterprise parks.

UK state-owned CDC will maintain minority stakes in all three ports, with DP World ceding sure shares in every.

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