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UAE’s AD Ports Group, Africa Finance Corporation sign joint investment pact

Abu Dhabi-based AD Ports Group has signed a collaboration agreement with the infrastructure solutions provider Africa Finance Corporation (AFC) to address infrastructure gaps across the continent.

Under the agreement, the two organisations will join forces on identifying, financing, developing and investing in ports, warehouses, maritime and logistics infrastructure projects across Africa, AFC said in a press statement.

“Both parties will bring their technical expertise and strong financial capacity and networks to a range of development initiatives, focusing on brownfield and greenfield opportunities,” the statement said.

According to a report from the African Union (AU), throughput at African ports will reach 2 billion tonnes by 2040, a major challenge when the current average dwell time – the time cargo spends at port – is around 20 days across the continent, compared to the global average of four days.

Previously, AFC, in a joint venture with UAE’s Masdar and EBRD, had jointly acquired Lekela Power, the continent’s biggest renewables independent power producer, with plans to double generation capacity within four years.

Over the last 15 years, AFC has invested more than $ 10 billion in infrastructure projects across 37 countries in Africa.

(Writing by SA Kader; Editing by Anoop Menon)


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