Can the new Nairobi International Finance Centre compete with Johannesburg and Dubai to help finance trade and industry in East Africa and beyond? Acting CEO Oscar Njuguna believes that there is plenty of room for everyone. “Foreign Direct Investment to the continent declined by 16% in 2020 to $40bn, from $47bn in 2019,” says a report from the UN Conference on Trade and Development. More broadly, even $50bn a year is far short of what is needed, even if remittances add another $50bn. The IMF estimates that Sub-Saharan Africa could face a financing gap of $290bn between 2020 and 2023, while the African Development Bank reckons $120m a year is needed for building and maintaining infrastructure alone. But Njuguna believes his institution can help catalyse some of this investment.
SOURCE: THE AFRICA REPORT
More Stories
New Variant Shakes Up South Africa’s Travel Plans
See Rwanda through Dian Fossey’s Gaze
Exploring African History in Mexico
Raising the Profile of One of Egypt’s Top Tourist Spots
Moroccan Airport Among the Best in the World
The Boy Wonder of French Cooking
Bag Some Time with Former #DI Emerging Creative and Mebala Founder, Tihalefang Moeletsi
Soraia Ramos Wants to Take Cape Verde to the World
Musa Motha Lost His Leg to Bone Cancer. Now the South African Dancer Is Inspiring with Every Move
This Innovative Mozambique Resort is a Triumph in Sustainable Design
UN Picks World Day to Celebrate Swahili Language
Women in Ghana’s Football Fraternity Ignored