World Bank calls for investors in Africa

08/04/2011 - Kenya property & investment news
World Bank calls for investors in Africa

Fast-growing economies in Africa offer potentially lucrative investments, the World Bank has said, urging investors to look to the continent.Ngozi Okonjo-Iweala, a managing director at the World Bank, said that businesses should not overlook African countries, including Kenya, as they are growing steadily.She told a forum in Miami, as reported by Reuters: "If you look at investment on the continent, it's more and more emerging economy countries that are coming in."The Brazilians and the Indians are moving in quite rapidly. South Africa is investing massively in other African countries."Investments are particularly lucrative in infrastructure, telecommunications and agriculture, it has been observed, with Kenya possessing a particularly strong cellular phone market.Ms Okonjo-Iweala noted that more than 65 per cent of the population now has a wireless network, an increase from one per cent a decade ago.It was previously reported by the World Bank that foreign direct investment in Africa was £32 billion at the end of 2010.