Tuesday, July 5, 2022

Britain invests $ 400 million in Africa


Robert Frank
Robert started his career as a freelance content writer. Now, He is the founder of widely-recognized PR Agency. Robert still writes news pieces on various publications.

The British government-owned Development Finance Agency (CDC Group) said it has signed investment deals in Africa worth $ 400 million, as part of a broader effort by Britain to develop new trade links as it prepares to exit the European Union.

According to Sky News, CDC Group announced the new agreements, while British Prime Minister Boris Johnson called for the deepening of ties between Britain and Africa at a summit in London involving 21 African countries.

Britain, a former colonial in Africa, is trying to seize new opportunities in world trade after it leaves the European Union on January 31, but faces stiff competition on the continent from rivals like Russia and China.

“CDC Group plans more than $ 2.5 billion worth of deals in Africa in the next two years”

CDC Group says it is the largest investor of bilateral development in Africa. “The majority of the money will go to African regional banks so that they can lend to entrepreneurs and small and medium-sized companies.

The agreements include a $ 100 million trade finance loan with Absa Bank in South Africa to support small and medium-sized projects in the country located in the south of the continent, and a memorandum of understanding providing $ 100 million to the International Commercial Bank, the largest bank in Egypt, to finance small and medium-sized projects and micro projects.

The list also includes investment in solar and renewable energy projects. In all, CDC Group plans more than $ 2.5 billion worth of deals in Africa in the next two years.

Read also: France expresses solidarity with Britain,demands Tehran to abide international laws

CDC said it is responsible for more than 10% of all capital invested through direct investment funds focusing on Africa.

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