Siemens To Invest 500 Million Euros For Infrastructure Expansion Of African Countries

German engineering company, Siemens, has announced that it is going to invest an additional 500 million euro ($569 million) in the African continent. The investment will be aimed to support crucial projects such as infrastructure expansion and the education of children and young people.

While addressing the Africa-Europe Forum in Vienna on Tuesday, Siemens Chief Executive, Joe Kaeser, said the company has already taken the investment decision.

“We have decided that Siemens will invest additional 500 million euro in the African continent,” Kaeser said, reported Reuters.

He added that reliable infrastructure, energy, and affordable electricity are required in the African continent to make it digitally developed.

“Africa needs reliable infrastructure and energy as well as affordable electricity to benefit from the digital age,’’ Kaeser added.

Kaeser, who has led Siemens since 2013, was paid a total of 7.82 million euros (US$8.82 million) in the 2018 financial year, up from 7.65 million euros a year earlier. Siemens reported a decrease in net profit to 5.81 billion euros during 2018. He has been working at Siemens for the last 38 years. His contract as the company’s CEO will expire in 2020.