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Summary Of Press Release From DP World And CDC Group.
October 13, 2021 - Written by qoriadmin

PRESS RELEASE:-

Abu-Dhabi – (QN24) – DP World And CDC Group Are Working Together To Strengthen Trade With Somaliland, The Horn Of Africa  Aand Africa In General.

DP World company and CDC Group will work together to strengthen trade, the Horn of Africa and the whole of Africa with the world

  • The investment in the Berbera port and corridor is part of a series of partnerships that will, in the future, address the strong balance of international trade, accelerate trade potential in Africa , and improve the economic situation of millions of People.
  • The Berbera port development project is the first direct investment in Somaliland.
  • It is estimated that the current expansion will create business activity equivalent to 6% of Somaliland’s gross domestic product (GDP) by 2035; By 2023, it is estimated that the port will facilitate trade with 53,000 jobs in Somaliland, increasing access to basic goods for more than a quarter of the population.
  • The collaboration between DP World and the CDC will also facilitate the movement of general logistics for the Berbera Corridor, such as the Special Economic Zone on the outskirts of Berbera.

Africa – 12 October 2021  -DP World, a company of international import absorbed, and the CDC Group , the development of financial and investment development agency of the UK and the beginning of long-term cooperation will continue to labajibbaarayo export capacity, and improve facilities -Logistics flow solutions, to create a regional business platform. This will significantly boost Somaliland’s economy and contribute to growth in the Horn of Africa as a whole .

This funding is part of a broader cooperation in the future beyond the range and is designed to accelerate the commercial power of Africa and improve the economic situation of millions of people, starting from the port of Berbera, Dakar (Senegal), and Sukhna (Egypt).

Africa is home to one-sixth of the world’s population, but container capacity in the world accounts for only 4% [i] . Ports are of great importance to the well-being and safety of the population in the distant future. But many ports and cruise facilities in Africa are overcrowded and unable to meet the needs of trade and the local Economy.

This partnership, which has been under construction for four years, will go a long way in changing that. It will solve the strong imbalance in international trade, contribute to the modernization and expansion of port logistics, and in sub – Saharan Africa.. This partnership is a long-term series of investments. DP World will initially have a stake in the three existing ports, and is looking forward to investing an additional $ 1 billion over the next few years. The CDC has initially allocated about $ 320 million, and is looking forward to investing $ 400 million over the next few years. This transaction will be subject to final verification verification procedures.

The port of Berbera is the backbone of Somaliland’s economy: by 2023 it is projected to facilitate trade activity equivalent to 27% of Somaliland’s gross domestic product (GDP), and 75% of total trade, indirectly creating 53,000 jobs in Somaliland.

Investment in port and logistics flows in the surrounding will increase by more than a quarter of the population has access can also pay for goods, with the most favorable xoogganna feel people’s livelihood depends on basic imports . Millions of people living in the general area has been found to be similar benefits. The port of Berbera also plays a key role in the delivery of humanitarian assistance to the region, which reaches nearly 2 million refugees and internally displaced persons.

The port will also serve as a gateway for Somaliland merchants and entrepreneurs to the international market, and will also contribute to the growth of emerging export companies but the lack of logistics flow today is hampered. Various sectors are expected to benefit from this expansion, such as livestock exporters, non-stocked agricultural products, and timber and construction materials.

The port will be the first direct investment and the first non-mining international agreement Somaliland has ever had. The partnership will also fund related logistics projects in this regard, which in turn will boost economic capacity, such as the Special Economic Zone on the outskirts of Berbera.

Sultan Ahmed bin Suleiman, CEO and Chief Executive Officer of DP World, said:  “DP World sees Africa as a thriving market for the distant future, and the opportunities are enormous. This partnership with the CDC will greatly enable us to accelerate and take advantage of these opportunities, and will enable us to increase our investment in ports and travel facilities in Africa . This partnership will create significant opportunities for millions of people over the next decade. ”

Nick O’Donohoe, Chief Executive Officer of the CDC Group , said:  “A stable and thriving economy comes with links to international cross-border trade. The capacity of Africa ‘s potential is limited to ports inadequate financial problems and orthopedic care , which makes re-growth in some countries in the world in the development of the fast crowd, and dhantaala resilience capacity of the world’s social progress is slow. This partnership will help entrepreneurs and entrepreneurs accelerate their growth by accessing reliable business routes, and helping African customers . will help them take advantage of these effective and low-cost reliability of essential commodities and basic necessities.

“We are honored to support DP World in doing more in Africa , paving the way for African trade around the world.”

Richard Charlton , Director of Investment at CDC Group , said:  “Renovation of the Commercial Corridor in the Berbera corridor is expected to significantly increase the Economic Opportunities for Somaliland Businesses, as well as improve the Quality of life for Somalilanders by increases the level of services available, and lowers the cost of imported essential commodities. We hope that the CDC investment will show that this area can be invested, and that it will make it easier for private businesses to receive direct foreign investment in the future. This will Boost Economic Growth In Somaliland And The Berbera Corridor In General, While Creating Economic Opportunities For The Population. ”

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