Friday, January 19, 2007
US bank Citigroup has teamed up with private equity group CDC to invest at least $200m (?102m) in Africa.
Citigroup will invest $100m in its first African private equity fund.
The UK government-owned CDC group, formally called the Commonwealth Development Corporation, will match this amount.
The fund will provide opportunities for Africa’s infrastructure, telecoms, manufacturing and energy industries, the CDC said.
“We believe that profitable investments in such areas are fundamental to creating wealth and alleviating poverty in growing economies,” said CDC chief executive Richard Laing.
The investment brings CDC’s total funds dedicated to Africa to more than $830m.
Source: BBC (link opens in a new window)