Negative perceptions blamed for impeding investment in Africa

The Executive Vice President of the African Export-Import Bank (Afreximbank), Mr. Denys Denya, says that negative perceptions about the economic environment in Africa is a key factor militating against the flow of external investment into the continent.

Denya, who is in charge of Finance, Administration and Banking Services, told a panel discussion in Dubai on how to attract foreign investment into Africa, organized as part of the Winter School Conference of the Institute of Chartered Accountants of Zimbabwe, that such negative perceptions often did not reflect the true situation in the countries concerned.

A statement by Afreximbank on Sunday quoted Denya as saying that African governments, professional bodies and individuals needed to fight to correct those perceptions in order to attract capital to the continent.

africa-4

According to Denya, there are perceptions of policy inconsistency, corruption and lack of judicial independence in countries across the continent and that these perceptions should be challenged with information.

He described Zimbabwe as one of the most important countries where Afreximbank conducted business, adding that the Bank had never lost money in any of its transactions in the country.

Earlier, Obi Emekekwue, Head of External Communications of the Bank, told the participants that Afreximbank had provided credit facilities totalling almost $35 billion to African businesses since its creation in 1993.

He explained that the amount included $4.5 billion provided last year and that the Bank remained committed to achieving its mandate of financing and promoting the development of intra-and extra-African trade.

Share This Post

Post Comment