From CNBCAfrica. Story by Trust Matsilele.

U.S.-based General Electric has partnered with Dubai-based Mara Group and New York-based Atlas Merchant Capital in a joint venture to invest in African infrastructure which is underdeveloped.

The companies said in a statement the joint venture will seek to invest in infrastructure equity projects in selected African countries.

“More than 50 percent of our African nations including Nigeria, Kenya, Ethiopia, Tanzania and the DRC, don’t have access to electricity and an infrastructure investment of US$360 billion in power production, power transmission, water storage, modern railways, port capacity and modern highways will be required until 2040,” the statement said.

Joint venture to invest in African infrastructure

The venture unifies three businesses with a strong commitment and expertise in infrastructure in Africa, said Jay Ireland, president and CEO of GE Africa.

Mara Group Founder, Ashish Thakkar, said Africa has very low connectivity in the region.

“Intra-African trade, a key driver for economic growth, represents only a fraction of Africa’s total trade over the past decade and this is largely due to a growing shortfall in infrastructure development.”

Akinwumi Ayodeji Adesina, President, African Development Bank, said the joint venture was a welcome development for the region.

“We all know painfully well the imperative to fill Africa’s annual $50 billion infrastructure funding gap. Partnerships like these are a crucial part of the development agenda as we seek to promote social and economic development and fight poverty in Africa.”

Read more at CNBCAfrica.