08 Jun 2016
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General Electric leads the creation of a joint venture with Mara Group and Atlas Merchant Capital to benefit African infrastructure

Ashish J Thakkar, Founder, Mara Group, adds: “Africa is a continent of 54 countries, but there is very low connectivity between them. Intra-African trade, a key driver for economic growth, represents only a fraction of Africa’s total trade over the past decade and this is largely due to a growing shortfall in infrastructure development. Through our joint venture with GE and Atlas Merchant Capital, we hope to tackle the funding deficit by creating a platform that has the power to truly change the lives of those living on the continent.”

Akinwumi Ayodeji Adesina, President, African Development Bank, said: “We are delighted to see this partnership between three world-class players who, together, can have a real impact on infrastructure development in Africa.

“We all know painfully well the imperative to fill Africa’s annual $50 billion infrastructure funding gap. Partnerships like these are a crucial part of the development agenda as we seek to promote social and economic development and fight poverty in Africa.”

About GE:

GE (NYSE: GE) is the world’s Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organised around a global exchange of knowledge, the “GE Store,” through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com

About Mara Group:

Mara Group is a pan-African investment group with operations and investments in the real estate, financial services, technology and infrastructure sectiors. The Group is currently active in 25 African countries and 27 countries worldwide. Mara has been recognised as a Global Growth Company by the World Economic Forum. www.mara.com

About Atlas Merchant Capital:

Based in New York, Atlas Merchant Capital is dedicated to finding unique investment opportunities primarily in the financial services sector. Atlas’s inaugural venture was the creation of Atlas Mara, a bank operating in sub-Saharan Africa, which was co-founded with the Mara Group. Atlas was founded by Bob Diamond and David Schamis, who, with their investment team and operating partners, bring extensive investment and operating expertise to their target markets. www.atlasmerchantcapital.com

PRESS CONTACT:

GE:

Thulisile Phiri

Head of Communications & Public Affairs – Southern Africa

T: +27 11 237 0019

M: +27 79 885 0530

E: Thulisile.phiri@ge.com

Mara Group:

Carys Comerford-Green

Chief of Staff

M: +971 50 788 1924

E: carysc@mara.com

Atlas Merchant Capital:

Patrick Durkin

Managing Director – External Relations

T: +1 212 883 4250

M: +1 917 513 7125

E: pdurkin@atlasmerchantcapital.com

 

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