[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Monday, 15 January 2007, 12:10 GMT
Citigroup joins $200m Africa fund
Citigroup building
Citigroup is the largest bank in the United States
US bank Citigroup has teamed up with private equity group CDC to invest at least $200m (102m) in Africa.

Citigroup will invest $100m in its first African private equity fund.

The UK government-owned CDC group, formally called the Commonwealth Development Corporation, will match this amount.

The fund will provide opportunities for Africa's infrastructure, telecoms, manufacturing and energy industries, the CDC said.

"We believe that profitable investments in such areas are fundamental to creating wealth and alleviating poverty in growing economies," said CDC chief executive Richard Laing.

The investment brings CDC's total funds dedicated to Africa to more than $830m.




SEE ALSO
Poor nations push investment boom
16 Oct 06 |  Business
Citigroup has takeover ban lifted
04 Apr 06 |  Business
Citigroup fined 14m by watchdog
28 Jun 05 |  Business
Citigroup pays $2bn in Enron case
10 Jun 05 |  Business
Citigroup in $15bn share buyback
15 Apr 05 |  Business
'No charge' for Citigroup traders
22 Mar 05 |  Business

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites



FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

PRODUCTS & SERVICES

Americas Africa Europe Middle East South Asia Asia Pacific