Investments in Kenya to fall to 47% due to global crisis

Foreign and local investment in Kenya, East Africa’s biggest economy, may plunge 47 percent this fiscal year as companies cut spending because of the global financial crisis, the Kenya Investment Authority said.

Investment may decline to about 100 billion shillings ($1.31 billion) in 2009-10, from 188.6 shillings a year earlier, Susan Kikwai, managing director of the state-run agency, said in an interview late yesterday.

Source: Bloomberg