Britain’s CDC Group to invest billions in Africa and bolster trade ties
Development finance agency plans to invest up to $4.5bn over the next four years
British development finance agency CDC Group plans to invest up to $4.5bn across Africa over the next four years to boost ties with the continent, says its CEO, as the country prepares to leave the EU. With Britain set to leave the world’s biggest trading bloc in March, government officials have been touring Africa, hoping to bolster ties with main economies such as Nigeria, SA and Kenya. Nick O’Donohoe said CDC, which has invested nearly $400m in Nigeria, had committed $25m to a local private equity firm, Synergy, to support small and medium-sized companies in Africa’s most populous nation. CDC also provided a $100m loan to Nigerian fertiliser company Indorama. O’Donohoe said the agency would like to invest more in infrastructure, power, manufacturing and agriculture. “We are opening a new office to help originate more transactions in Nigeria,” O’Donohoe said. CDC aims to open a regional office for West Africa in Nigeria’s commercial hub of Lagos in early 2019 and establish a prese...
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