Africa-France Summit: Bank Group President Urges Foreign Investors to Invest in Africa
During the Africa-France Summit, 31 May-1 June 2010, African Development Bank (AfDB) Group President, Donald Kaberuka, urged foreign investors to invest in Africa where improving governance has made it possible to reduce business risks on the continent. The issue of climate and development at the centre of discussions during the 25th Africa-France summit in Nice, France.
"Over the last years, we have significantly reduced risks to investors by working on governance. With the crisis, we have realized that risk was not only in Africa where growth has remained positive despite a slowdown," Mr. Kaberuka said. He added that "In Africa, each time I invest a dollar, the return on investment is 5 dollars. What is important is the investment climate."
In a workshop chaired by French immigration minister, Eric Besson, Mr. Kaberuka also made a presentation which focused on mobilizing migrant remittances for investments and creating businesses on the continent with a view to identifying solutions to reduce the cost of remittances and to better mobilize their savings for business creation.
On the business environment, the report presented by the President notes that “participants recalled the importance of having a harmonized legal framework across the continent and cited in this regard OHADA which is an example of the most complete pan-African legal integration to date.” Regarding the mobilization of migrant remittances, “participants hailed the recent launch of « envoidargent.fr » … which makes it possible to reduce over the next months … international bank accounts across the continent.” The AfDB president was asked to make a report on all technical workshops that took place during the summit. Read full speech.