Nigeria, Other African Countries To Benefit From CDC Group’s USD 5 Bn SDGs Investment

By  |  November 14, 2019

CDC Group, the development finance institution of the United Kingdom, has earmarked USD 5 Bn for investments in Nigeria and other African countries in an effort to trigger developments in line with Sustainable Development Goals (SDGs) of the United Nations (UN).

This information was conveyed in an announcement on the group’s website and the group also intimated the public on the appointment of Seema Dhanani and Benson Adenuga as new Heads of Office for Kenya and Nigeria, respectively.

According to the group, both Dhanani and Adenuga were appointed because of their deep investment experience and strong local networks which would be instrumental in advancing and accelerating the group’s commitment to invest USD 4.5 Bn billion from 2018 to 2021 across Africa.

Tenbite Ermias, CDC Group’s Managing Director for Africa, while commenting on the development, said that CDC has been investing and creating impact in Africa for over 70 years. He also declared that the group aims to create jobs, advance gender equality and strengthen governance standards with its resources and influence.

CDC Group is a development finance institution owned by the UK Government. The Department for International Development (DfID) is responsible for CDC, with shareholder duties managed by the Shareholder Executive.

“The appointment of Seema and Benson adds powerful depth to our in-country presence in two leading African markets. Their expertise and insights will be critical in guiding our origination efforts, portfolio management, and stakeholder relationships, ultimately accelerating the pace and scale at which we can act,” said Ermias.

“It deploys capital and technical expertise to support the responsible and commercial growth of businesses in some of the world’s most challenging markets where the potential for transformation is significant. CDC works across multiple sectors including financial services, infrastructure, food and agriculture, and real estate.”

He added: “By creating jobs, advancing gender equality, strengthening governance standards and optimising environmental impact, CDC is making a significant and meaningful contribution to Africa’s development.”

Featured Image Courtesy: TheAfricanExponent

Most Read

The FTX Disaster Undermines The Hopes Of Africa’s Peculiar Crypto Scene

The rise of the cryptocurrency industry in Africa, however a fringe endeavour, is

“Banking The Unbankable” Kindles Banking-as-a-Service In African Fintech

Despite attention to the challenges surrounding financial inclusion, an estimated 57 percent of

Kenya’s Mobile Money Agents Aided Financial Inclusion—Now They Face Exclusion

In Ruiru, a town in Kiambu County which sits within the greater Nairobi