Photo :webshot.

October 13,2021

Anna Murray 

On October 12, CDC Group, a UK development finance institution, and DP World, a Dubai-based ports operator, signed a multibillion-dollar partnership agreement to improve Africa's ports. Beginning with the ports of Dakar (Senegal), Sokhna (Egypt), and Berbera (Somaliland), the partnership will support the modernization and expansion of ports and inland logistics across Africa.

DP World will contribute its stakes in the three existing ports initially, and it expects to invest an additional US$1 billion through the platform over the next several years. Meanwhile, CDC will invest approximately US$320 million initially and an additional US$400 million over the progress of the project. Trade enabled by ongoing expansions and modernizations is expected to generate an additional 138,000 job opportunities in the broader economy. By 2035, the ports are expected to provide stable employment for more than 5 million people in the regions.

The platform, according to CDC Group CEO Nick O'Donohoe, will help entrepreneurs and businesses accelerate growth by providing access to reliable trade routes, as well as benefit African consumers by improving the reliability and lowering the cost of vital goods and food staples. 

According to Sultan Ahmed Bin Sulayem, group chairperson and CEO of DP World, the collaboration with CDC will increase investment in ports and logistics infrastructure across Africa, creating transformational opportunities for millions of people over the next decade.