General Electric Company (NYSE:GE) revealed that it will be investing $2 billion in facility development, skills training, and sustainability initiatives across Africa by 2018, in a press release today. General Electric Company (NYSE:GE) made this announcement in advance of President Obama’s US-Africa Leaders Summit, where the company is hosting African and global government officials, policy experts, NGOs, entrepreneurs and business leaders for a conference on investment, infrastructure, and innovation in Africa.
Africa is one of the most prominent growth regions for General Electric Company (NYSE:GE), the company’s revenue from the continent for the year 2013 were $5.2 billion and the company has won orders worth $8.3 billion across Africa.
“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,” Jeff Immlet, CEO and Chairman of General Electric Company (NYSE:GE) said.
The three strategic areas in which General Electric Company (NYSE:GE) is focusing its investments are building infrastructure; delivering localized solutions to customers; and capacity building. New Commitments for Africa from the company include supply of aeroderivative gas turbines in Algeria and Nigeria from General Electric Company (NYSE:GE)’s Distributed Power business to increase grid reliability during peak power demands in Algeria and generate uninterrupted power at the Nigerian National Petroleum Corporation’s state oil refinery, renewal of ‘country to company’ agreement with government of Nigeria for another 5 years, and investments of $20 million in health programs across several countries of Africa from GE Foundation.
“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,” Nabil Habayeb, President and CEO, GE Middle East, North Africa & Turkey, said.