|09-29-2014, 02:47 PM||#1|
Gulf entities fund around $30bn of African infrastructure projects
Dubai Chamber of Commerce and Industry reported on Monday that Gulf entities over the past decades have funded around $30 billion of African infrastructures projects.
“Opportunities are not limited to public and large companies, small companies are also well positioned to invest," said Hamad Buamim, Presdient and CEO, of the Dubai Chamber, opening the door for a wider range of companies to invest in the Gulf.
Loans and grants to the African countries represented roughly $15 billion and it is expected that the annual contributions are likely to average $5 billon in the coming years.
Meanwhile, the major focus of the Gulf funding is North Africa, which has received around 65% of the amount and a large share of direct private investment.
Djibouti, Senegal and fast growing economies such as Angola, Ethiopia and Nigeria were among the countries targeted in particular.
These funds will not only promote a stronger presence of the Gulf in Africa with profitable long-term investments, but will create an era of competition as African countries have already attracted considerable infrastructure funding from Brazilian and Chinese entities.
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