Uganda: Africa’s capital inflows to reach $48 billion-World Bank

The World Bank predicts that capital inflows into Africa will rise to about $48.5 billion this year. This, the bank says is a result of the continent‘s becoming increasingly attractive to investors from across the global.

Addressing African ambassadors to the United States during the Africa Day 2011 recently in Washington DC, Ms Obiageli Ezekwesili, the World Bank vice president for Africa, said foreign direct investments to the continent rose nearly nine-fold – from only $10 billion in 2000 to $38 billion in 2008.

She said: “We all know one thing about money: it does not go to places where it is not safe and where it would not make money for investors. The rising volume of capital and investments flowing into Africa is a seal of approval by investors to the continent’s prospects.”

The World Bank says capital inflows to Sub-Saharan Africa alone rose from $35.8 billion in 2009 to an estimated $41.1 billion in 2010.