Africa

Citi advising UK's CDC on logistic investments in Africa with DP World

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The corporate logo of DP World is seen at Jebel Ali Port in Dubai, United Arab Emirates, December 27, 2018. REUTERS/Hamad I Mohammed/File Photo

DUBAI, Oct 13 (Reuters) - Britain's development finance agency CDC Group has hired Citi (C.N) to advise it on up to $1.72 billion in logistics infrastructure investments it plans to deploy in Africa jointly with Dubai ports giant DP World, two sources said.

A CDC spokesperson confirmed to Reuters via email that it worked with Citi on the transaction.

The investments will initially focus on expanding ports operated by DP World in Egypt's Ain Sokhna, Senegal's Dakar, and Berbera in Somalia's breakaway region of Somaliland, CDC said this week. read more

State-owned DP Word has committed to investing $1 billion over the next several years, while CDC has committed $320 million and could potentially invest up to a further $400 million.

The partnership plans to invest, along with ports, in infrastructure such as container depots and business parks.

CDC, which is owned by the British state, will own minority stakes in the three ports, with DP World handing over some shares in each.

Reporting by Davide Barbuscia Editing by Peter Graff

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