BluePeak commits $20 million to logistics company Prime, focusing on Central and East Africa
Par Ibrahima DIALLO
28 November 2023 / 08:32

Asset management company BluePeak has made its first investment taking into account environmental, social and governance (ESG) practices, in Prime Logistics. The initiative is designed to support the African expansion of this integrated logistics company.

Africa-focused asset manager BluePeak Private Capital announced on Monday November 27 the completion of a $20 million commitment to Prime Logistics. Prime Logistics is a logistics services group operating mainly in East and Central Africa.

The investment, structured as a hybrid loan, is BluePeak's first to take environmental, social and governance (ESG) criteria into account.

In business for almost 30 years, Prime Logistics will use this resource to finance the expansion of its African operations, as well as its growth plans across the continent. Part of the funding will be earmarked for improving Prime Logistics' customs clearance, import/export, freight forwarding, sea and air freight management services.

In concrete terms, Prime Logistics plans to strengthen its freight operations in Africa by modernizing its fleet, which will connect 9 countries in East and Central Africa, and more than 25 delivery centers. The company will improve its ESG framework and work to reduce its carbon footprint while improving efficiency.

BluePeak's investment will also be used to implement initiatives aimed at increasing the participation of women in this male-dominated sector, in order to offer them greater economic opportunities.

"BluePeak's investment comes at a crucial time as increasing trade flows between East and Central Africa, the Middle East and the rest of the world support demand for reliable logistics services.

The financing structure is in line with our commitment to advancing economic growth while promoting sustainable development," said Asif Abdulla, Executive Chairman of Prime Logistics.

Chamberline Moko 

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