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VENTURES AFRICA – The World Bank has said in its recently published report “Global Economic Prospects,” that Foreign Direct Investment (FDI) into Africa grew by 16.2 percent to $43 billion in 2013, on the back of encouraging investment performance.
In the report, the global development agency showed that while the real Gross Domestic Product (GDP) of sub-Saharan Africa grew by 4.7 percent in the year, countries in Southern Africa, except South Africa, recorded an average GDP growth of 6 percent.
The report however projected sub-Saharan growth to reach 5.3 percent and 5.5 percent in 2014 and 2016 respectively on the back of “strengthening external demand.”
“However, a protracted decline in commodity prices, tighter global financing conditions and domestic risks including political unrest, and weather shocks could weaken growth prospects,” and adversely discourage investments, the World Bank highlighted.
FDI to the region increased to $43 billion in 2013 from $32 billion the previous year. Many of the remittances have gone into macro-level infrastructural projects to enhance capacity for African economies.