Old Mutual fund invests in Tanzanian port operator
A fund within the Old Mutual stable has acquired 60% of a Tanzanian port operator for an undisclosed amount. Old Mutual’s African Infrastructure Investment Managers (AIIM), which has about $1.6bn of funds under management, focuses on renewable energy, power generation, transport, port logistics and telecommunications sectors. The fund had invested in DSM Corridor Group Tanzania (DCG), a specialist dry bulk terminal operator in the Port of Dar es Salaam, Old Mutual said in a statement on Thursday. AIIM CEO Jurie Swart said the Port of Dar es Salaam was forecast to grow to 41.5-million tonnes a year by 2028, which represented almost three times the current volume. The port and surrounding infrastructure is set to be refurbished under the Dar es Salaam Maritime Gateway Project, which is jointly funded by the World Bank, the UK’s Department for International Development (DfID) and TradeMark East Africa (TMEA). "The port’s strategic location services multiple landlocked countries, includ...
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