UK’s CDC Group in Egypt to explore investment opportunities

CAIRO – 17 January 2018: A delegation from United Kingdom’s development finance institution, CDC Group, and its subsidiary Globeleq arrived in Egypt this week to explore new investment opportunities and potential areas of increased cooperation with Egyptian ministries and companies, a statement from the British Embassy in Cairo said.

“2018 will bring a new British wave of job-creating investments in a range of sectors. UK investors like CDC Group have demonstrated their commitment to working with Egypt on ambitious projects that benefit all Egyptians,” UK Ambassador to Egypt John Casson said in the statement.

Casson said that British investors are expanding their work in Egypt and finding new opportunities to invest, adding that this decade alone, UK companies have invested $43 billion in Egypt.

CDC’s Head of Infrastructure Sameh Shenouda said that Egypt presents significant private sector development opportunities, saying that the country’s aim to become a regional energy hub will generate many opportunities across infrastructure sectors including energy generation and transmission, gas and fuel supply and related transport and logistics.

“CDC will be looking to support development impact opportunities with both debt and equity investment.” Shenouda said.

CDC Group met with Minister of Electricity and Renewable Energy Mohamed Shaker, Minister of Transport Hisham Arafat, Head of PPP unit at the Ministry of Finance Atter Hannour and senior advisor to Minister of International Cooperation Moataz Yakan.

They also met with Undersecretary to Minister of Petroleum Mohamed Saffar and Chairman of the Suez Canal Authority and Economic Zone Mohab Mamih.

The UK-government owned company is a major investor in an IFC-led consortium that announced $653 million funding to the ‘Nubian Suns’ solar power plant project in Aswan in October.

CDC group is the UK’s Development Finance Institution, with a mission to support building businesses and creating jobs in Africa and South Asia, focusing on investment which leads to job creation.

CDC is the majority owner of Africa’s largest independent power company, Globeleq, which has more than 1.2GW operational in the continent across five different countries.