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Foreign investment interest in Africa’s booming clean energy soared in 2023 – report

Foreign investment interest in Africa’s booming clean energy soared in 2023 – report

FOREIGN investment in Africa's clean energy sector remained robust in 2023, fueling the continent's growing sustainability momentum, according to a new report. The report, 'The World Investment Report by the UN Trade and Development,' unveiled on June 20, shows a growing share of global greenfield megaprojects, particularly in clean energy, announced in Africa in 2023. This is despite overall FDI inflows into the continent falling by 3% to US$53 billion, consistent with global trends where FDIs declined by 2% to US$1.3 trillion, with the impact felt most in developing economies, which suffered a 7% drop. “The value of greenfield projects…
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Nigeria seeks managers for planned $10 billion diaspora fund

Nigeria seeks managers for planned $10 billion diaspora fund

NIGERIA is seeking fund managers for a planned $10 billion diaspora fund that is aimed at attracting dollar inflows and foreign investment into the economy, a tender document showed. The fund seeks to pool together billions of dollars remitted monthly by its citizens overseas for local investments, including infrastructure, healthcare and education. Last year, Nigeria is estimated to have received in excess of $20 billion in diaspora remittances, according to the World Bank. Nigeria's industry and trade ministry said in a public notice that it was seeking "fund managers for the development and establishment of a multisectoral, multilateral private sector-led investment fund…
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Ethiopia to let foreigners own property, PM says on state TV

Ethiopia to let foreigners own property, PM says on state TV

ETHIOPIA aims to pass legislation to let foreigners own real estate as part of the country's broader plan to open up the economy and attract investors, Prime Minister Abiy Ahmed said on state TV. Currently foreigners are barred from owning houses in Ethiopia, either residential or commercial buildings, which is seen as a hurdle to ongoing efforts to attract foreign investment to the Horn of Africa country. State TV said Abiy told a meeting of large taxpayers in the capital Addis Ababa that his government was finalising a new law to let foreigners own real estate property although he did…
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Zambia’s kwacha is Africa’s best-performing currency in 2024

Zambia’s kwacha is Africa’s best-performing currency in 2024

ZAMBIA'S kwacha is Africa's best-performing currency against the U.S. dollar so far this year after the central bank sharply tightened monetary policy, but analysts said it would strengthen sustainably only if the country attracts more foreign investment. The kwacha has rallied 13.8% to 22.8 against the greenback in 2024, according to LSEG data, after the central bank raised commercial banks' reserve ratios and then hiked interest rates earlier this month, in a bid to reverse a decline in the currency that had pushed up inflation. "The kwacha's performance this year has been remarkable," said Danny Greef, Co-Head of Africa at research firm…
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