AfDB backs Arise Integrated Industrial Platforms with $100m
The African Development Bank has approved an investment of $100 million in the industrial parks developer and operator.
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The African Development Bank (AfDB) has approved an investment of $100 million in the industrial parks developer and operator Arise Integrated Industrial Platforms (Arise IIP).
The industrial platforms developed and operated by Arise IIP are primarily dedicated to supporting the transformation of key agricultural and industrial value chains in African countries that are leading global suppliers of raw commodities but have limited local processing capabilities.
Arise IIP seeks to replicate its successful industrial platform implementation experience in Gabon, Togo and Benin by establishing special economic zones across other African countries with the aim of improving Africa’s export competitiveness and intra-Africa trade strategies.
“There is economic and social value to be added to African-grown commodities like timber, cashew, cocoa and cotton when they are processed locally instead of being exported in raw form. Through programmes like the African Development Bank’s Special Agro-Industrial Processing Zones and investments in zones partner companies like Arise IIP, we enable transformative, private sector-led agro-industrialisation that boosts local processing of commodities, creates jobs and grows rural economies,” said Beth Dunford, the AfDBs vice president for agriculture, human and social development.
Gagan Gupta, CEO of Arise IIP, remarked, “The African Development Bank’s investment highlights their confidence in our model as a driver of Africa’s industrial growth. We are excited to strengthen our efforts in transforming local value chains, creating jobs, and supporting sustainable economic development across the continent. The dedication, vision, and hard work of the entire Arise team have been instrumental in building this partnership.”
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