GE African investment to reach $2 billion by 2018
GE African investment totaling $2 billion by 2018 into skills training, sustainability initiatives and facility development was announced today, ahead of President Barak Obama’s US-Africa Leaders Summit.
At the Summit, GE is hosting business leaders, entrepreneurs, NGOs, policy experts and global government officials for a conference on innovation, infrastructure and innovation in Africa.
The Fairfield-based energy company plans to help increase the reliability, access and affordability of core infrastructure across the continent through partnerships and technology, the company says.
Africa – a promising region
Africa is today GE’s most promising growth region. In 2013, revenue in the continent reached $5.2 billion, and during the last 12 months the US multinational giant has won over $8.3 billion in orders just in Africa.
Jeff Immelt, GE Chairman and CEO, said:
“I am proud of our 100-year history in Africa. 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.”
African investment will be concentrated in three strategic areas:
- Building infrastructure – the company plans to work closely with Dangote Industries, an African conglomerate, and collaborate on major projects, including oil & gas, rail transport and power generation.
- Capacity building by providing growing supply chain development and skills training in local communities.
- Delivering localized solutions to customers.
The GE Foundation
The GE Foundation announced a $20 million investment over the next five years in health programs in Malawi, Tanzania, Uganda, Rwanda, Ghana, Kenya and Nigeria to provide training for biomedical equipment technicians and nurse anesthetists.
CEO of GE Middle East, North Africa & Turkey, Nabil Habayeb, said:
“Together with our regional partners, GE is elevating transformative ideas that have the potential to solve local challenges by lending scale and resources. GE is committed to empowering the communities in which it operates across the continent.”
GE is focusing on its core industrial businesses and exiting its peripheral operations, including media and finance. Last week, the company’s former credit-card business Synchrony Financial held its IPO (initial public offering).
It has also shed its NBC Universal media unit, and is in the process of divesting its banking and real estate operations.
Video – GE waste to power African project
This GE video shows how landfill in South Africa is being transformed into electricity for the citizens of Durban.