GE (NYSE:GE) announced today that it will invest $2 billion in facility development, skills training, and sustainability initiatives across Africa by 2018. GE made the announcement in advance of President Obama’s U.S.-Africa Leaders Summit, where GE is hosting African and global government officials, policy experts, NGOs, entrepreneurs and business leaders for a conference on investment, infrastructure, and innovation in Africa.
Through partnerships and technology, GE is poised to help increase access, reliability, and affordability of core infrastructure throughout the continent. Africa has emerged as the most promising growth region for GE. Total GE revenues in Africa in 2013 were $5.2 billion and in the past year, GE has won more than $8.3 billion in orders across Africa.
GE Chairman and CEO Jeff Immelt 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.”
GE will focus its investment in Africa in three strategic areas: building infrastructure; delivering localized solutions to customers; and capacity building, by providing skills training and growing supply chain development in local communities.
New GE commitments in Africa include: