British citizens will be pleased to hear their tax money has been invested in Africa Internet Group (AIG) by CDC, the development finance institution fully owned by the UK government (about CDC and its sole shareholder).
CDC announced a €50-million equity investment in AIG, the parent company of Jumia, Africa’s leading e-commerce brand, and nine other online brands operating in 23 countries across Africa. It wasn’t clear how many shares CDC got for its money.
The mission of CDC is “to invest capital and re-invest all our profits in businesses throughout Africa and South Asia, to create jobs and make a lasting difference to people’s lives in some of the world’s poorest places.”
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