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Press Releases
'Massive increase in FDI in Africa' - IMFMay 2011
At a time of major global economic turmoil when even rich economies need bailouts, debt buy-backs and IMF funding to stay afloat, Africa is poised to rise as one of the world's most important growth poles in a multi-polar world.
That was the message from World Bank vice president for the Africa region, Obiageli Ezekwesili, in a speech delivered in the US as part of Africa Day celebrations last week.
"Africa has rebounded from the global financial and economic crisis, posting GDP growth of 4.5% last year. The continent's GDP is expected to reach 5.1% and 5.8% in 2011 and 2012 respectively," he said.
Foreign direct investment in the continent has risen nearly nine-fold from a mere US$10 billion in 2000 to US$88 billion in 2008 - dwarfing flows to India (US$42 billion in 2008) and approaching flows to China (US$108 billion). The African Union estimates that foreign direct investment in the continent could reach US$150 billion by 2015.
