The Centers for Disease Control and Prevention (CDC) group, has announced that it intends to boost its presence in Africa by investing in the continent’s growth and development. The Group plans on investing upto 1 billion USD in sectors ranging from infrastructure to finance to telecommunications.
CDC Group is currently one of the members of a consortium seeking a bid for one of the two telecom licences that Ethiopia is expected to give to investors in the coming months. The consortium also includes Vodafone Group, one of the most renowned telecom companies in the world.
According to the UK based firm’s CEO, Nick O’Donohoe, the group expects to heavily invest in Egyptian, Ethiopian, Kenyan, and Nigerian markets while maintaining that the possibility of branching out to more remote, frontier markets is still on the table.
Nick also confirmed that investment plans are going to focus on two main areas; climate sustainability and technological development.
Investments from the group are also expected to alleviate hardships caused by a decrease in foreign direct investment (FDI) due to the COVID-19 pandemic. According to a United Nations Conference on Trade and Development (UNCTAD) report, the continent has seen a 25 to 40 percent decline in FDI since the start of the pandemic.