Urbanisation and infrastructure consultancy Surbana Jurong Private Limited announced on Wednesday that it has taken a 20-percent stake in China's CITICC (Africa) Holding Limited, which would see it potentially developing 30,000 affordable homes in Africa in the next five years.
According to a press release by the company, Surbana Jurong said it is investing in a 20 percemt stake in CITICC (Africa) Holding Limited.
CITICC is a 300 million U.S. dollars investment platform set up between International Financing Company (IFC), a member of the World Bank Group, and Chinese multinational construction and engineering company, CITIC Construction Co., Ltd.
The consortium will partner with local housing developers and provide long-term capital to develop the homes over the next five years, the company said.
The newly-formed company following the high profile merger of Surbana International Consultants and Jurong International has also taken a stake in an American software company, a spinout from Google X, which builds collaborative cloud-based software tool used for building design, urban solutions and master planning, which will grow its sustainable and building design capabilities.
"The equity stakes in these two international entities is a continuation of our strategy to grow as a global firm that has solid presence in emerging markets while incorporating the most effective and efficient technology to augment our town planning and urban solutions capabilities," said Wong Heang Fine, Group CEO of Surbana Jurong Private Limited.
