UK govt group to invest $300 million in Africa

UK govt group to invest $300 million in Africa

Nairobi: The head of Britain’s overseas investment arm says the corporation will invest about $300 million a year in coming years in African companies because the continent is registering high economic growth and it has become easier to do business in Africa.

Richard Laing says CDC Group PLC will direct some of that investment toward infrastructure and consumer goods companies. Laing is the chief executive of the group, which is owned by Britain’s Department for International Development.

Laing said late Tuesday that the rate of return in private investment in Africa compares favorably with that in Asia.

The CDC Group has been investing in the private sector of emerging economies for more than 60 years.