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FINANCIAL NEWS
Gulf invested USD30b in African infrastructure projects in last decade
30 Sep 2014
(MENAFN) According to a new study by the Dubai Chamber of Commerce and Industry, Gulf entities have funded at least USD30 billion of African infrastructure projects over the past 10 years, Arabian Business reported.
The report said that this funding happened by approximately USD15 billion in the form of loans and grants from Gulf development agencies, while USD15 billion came in as direct investments, with annual contributions averaging around USD5 billion in the coming years.
The report revealed that Gulf funding for African infrastructure has been focused on North Africa, which received the majority of aid, amounting to about 65 percent of the total amount of the aid as well as a 60 percent share of direct private investment.
It said that the funding focused on countries such as Djibouti and Senegal, while giving little focus to other countries like Angola, Ethiopia and Nigeria, which have attracted considerable infrastructure funding from Brazilian and Chinese companies.
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