FDI flows into Africa to hit $31b in 2012 – World Bank

The World Bank says $31 billion in foreign direct investment flows are expected in Africa this year.

And this will happen, despite difficult global conditions, the World Bank Vice-President for Africa, Makhtar Diop has said.

In a report, Africa’s Pulse published October 4, 2012, the World Bank says it expects sub-Saharan Africa’s economy to grow at 4.8% in 2012, broadly unchanged from the 4.9% growth rate in 2011 and largely on track despite setbacks in the global economy.

Excluding the continent’s largest economy- South Africa, the report forecasts that growth in sub-Saharan Africa will rise to 6% as African exports rebounded in the first quarter of 2012.

“Exports grew at an annualized pace of 32%, up from the -11% pace recorded in the last quarter of 2011,” it said.

By Emmanuel K. Dogbevi