UK’s CDC to pump $1 billion investments for Africa, including Egypt
CDC Group is earmarking some 1 billion Egyptian pounds, $63 million, for infrastructure and finance investments in Africa in 2021, with a particular focus on Egypt, Ethiopia, Kenya, and Nigeria, CEO Nick O’Donohoe told Bloomberg in an interview.
This will be roughly what it invested in Africa in 2020, he added.
CDC — the UK’s development finance institution — is primarily focusing on climate-related and tech-based investments, but is “a big investor in infrastructure and will continue to be,” O’Donohoe said. CDC also sees “more attention” being given to healthcare after going through the pandemic, but expects these investments to be more concentrated in the private sector.
CDC has already made its mark on Egypt’s healthcare sector: Along with the European Bank for Reconstruction and Development and Development Partners International, CDC last year raised $750 mn — of which $250 mn was earmarked for Egypt — to invest in the pharma industry across Africa through a shared investment platform.
The platform’s first investment was the acquisition of Egypt’s Adwia Pharma in November.