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<p>In 2016 CDC made a $144 million equity investment into ARM Cement, a publicly listed
cement business with operations in Kenya, Tanzania and Rwanda. ARM Cement was an investment
with high development impact potential. The aim was to support the growth of a regional
manufacturer and by so doing reduce the cost and increase the availability of cement
across the East African region, creating jobs and spurring infrastructure development.</p><p>Due
to a number of factors, CDC’s investment in ARM was ultimately not successful and
the CDC investment has been written off. Write-downs were accounted for in 2016 (December);
2017 (March, June, September, December) and 2018 (June).</p>
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