ICEC

FDI in Africa to reach $60 billion by year-end: Egypt investment minister

Foreign direct investment (FDI) into Africa will reach $60 billion by the end of 2017, said Egyptian Minister of Investment Sahar Nasr on Monday.

“Africa’s economy will improve through focusing on real reforms in the investment climate through upgrading legislations [to] fight bureaucracy, combat corruption and focus on entrepreneurship and small and medium projects,” Nasr said at the 21st Annual Meeting of the African Securities Exchanges Association (ASEA), which takes place in Cairo between November 19-21.

Markets in Africa have a golden opportunity to attract more investments in the coming years, Nasr said, stressing the importance of establishing partnerships between the private sector and international financial institutions in order to achieve development and inject investment in the infrastructure sector.

Africa needs to attract investments worth $2.5 trillion through reaching more economic partnerships with the private sector and open new economic horizons, the Egyptian minister added.

The volume of foreign direct investments into Africa has increased fivefold over the past 10 years, which indicates the richness of the continent in terms of natural, human, and economic resources.

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