GE to invest US$2 bln in Africa - CNBC Africa

GE to invest US$2 bln in Africa

Special Report

by Trust Matsilele 0

GE’s Jeff Immelt says his company is proud of its 100-year old presence in Africa. PHOTO: Onwardstate

The investment will be utilised in facility development, skills training and sustainability initiatives.

“Through partnerships and technology, GE is poised to help increase access, reliability, and affordability of core infrastructure throughout the continent,” noted GE.

“Africa has emerged as the most promising growth region for GE. Total GE revenues in Africa in 2013 were 5.2 billion US dollars and in the past year, GE has won more than 8.3 billion US dollars in orders across [the continent].”

Addressing African and global government officials, policy experts, NGOs, entrepreneurs and business leaders for a conference on investment, infrastructure, and innovation in Africa, GE’s Jeff Immelt said his company was proud of its century-long history in the continent.

(READ MORE: General Electric joins Power Africa off-grid energy challenge)

"Through investments such as our new multi-modal manufacturing facility in Nigeria, Algeria gas turbine manufacturing, and our customer innovation center in South Africa, we remain a committed partner to Africa's sustainable growth,” GE chairman and chief executive Immelt said.

GE will also supply approximately one billion US dollars in the railway and power equipment to Angola under a bilateral agreement signed this week between the Export-Import Bank and Angola's Ministry of Finance.

The amount will be used to finance infrastructure development projects in the country.

The GE Foundation will invest about 20 million US dollars over the next five years in health programmes across Africa.

Countries such as Nigeria, Kenya, Ghana, Rwanda, Uganda, Tanzania and Malawi are set to benefit. The fund will also assist in the training of nurse anaesthetists and biomedical equipment technicians, among other healthcare initiatives.

(READ MORE: Million dollar partnership to develop Nigeria's health sector)

US president Barack Obama is hosting African leaders in Washington for the first US-Africa leadership summit.

At least 40 heads of state and business leaders are expected to attend.