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CDC to scale up its investments in Africa

Staff writer
Nov. 25, 2021, 9:37 p.m.
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Word count: 455

CDC Group has announced a new strategy, aiming to invest between £1.5bn and £2bn ($2bn and $2.66bn) per annum in the next five years, setting a new ambition for scale in Africa, digital transformation, and innovation.

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CDC Group has announced a new strategy, aiming to invest between £1.5bn and £2bn ($2bn and $2.66bn) per annum in the next five years, setting a new ambition for scale in Africa, digital transformation, and innovation.

Its next strategy period begins on January 1, 2022 and runs until the end of 2026.

Having invested £4bn ($5.32bn) in Africa since 2017, CDC’s new strategy builds on its 74-year history and track record of investing for impact.

Nick O’Donohoe, Chief Executive of CDC, said: “Building on CDC’s legacy, British International Investment will make investments that support the aspirations of entrepreneurs and businesses in a responsible and transparent manner.”

CDC will invest across a range of vital sectors that catalyse new global opportunities and address complex development challenges, such as infrastructure, which is critical to raising productivity and competitiveness and improving the livelihoods of communities and cities across the continent.

The new strategy has a set of three strategic objectives to invest in support of Productive development, Sustainable development and Inclusive development to meet the global opportunities and challenges that lie ahead, including the need for jobs and inclusive growth and the twin crises of climate change and natural resource depletion.

“We will be a trusted partner to some of the countries across our markets that want to create sustainable and prosperous futures for their people. We will deliver on the UK’s promise to support emerging economies to combat the climate emergency and track the impact of each investment to ensure every penny is used productively.”

CDC’s infrastructure investee partners include Globeleq, a leading independent power producer with investments in Cuamba (Mozambique), Benban Solar Park (Egypt) and Malindi Solar Group (East Africa); Liquid Telecom the largest independent fibre and cloud provider in Africa and its recent Gateway partnership that sees CDC collaborating with DP World to chart a stronger course for African trade around the world.

CDC has also announced that it will be changing its name to British International Investment, effective April 4, 2022.

The new name signifies the increased breadth of what the organisation already does and highlights its role as part of the UK Government’s international financing offer, working to bring not just capital, but the highest levels of governance, standards and transparency to its investments.

Finally, CDC has appointed Diana Layfield as first female Chair in its 73-year history. 

She will succeed Sir Graham Wrigley who was appointed in 2013 and will be stepping down, as previously announced, early in 2022 after a transitional period.

Layfield joins the organisation with an outstanding international business career and considerable experience in emerging markets. 

She is currently Google President, EMEA Partnerships and a Non-Executive Director at AstraZeneca. She was formerly the Chief Executive of Standard Chartered, Africa Region.

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