Saturday, 8 August 2015

News Release: Negative Perceptions Blamed For Impeding Investment Into Africa

Denys Denya, Afreximbank Executive Vice President (left) on the panel during an exchange with Nigel Chanakira, Chairman of the Zimbabwe Investment Authority.

Negative perceptions about the economic environment in Africa is a key factor militating against the flow of external investment into the continent,  Denys Denya, Executive Vice President of the African Export-Import Bank (Afreximbank) in charge of Finance, Administration and Banking Services, has said.

Mr. Denya, who was speaking in Dubai during a panel discussion on how to attract foreign investment into Africa, organized as part of the Winter School Conference of the Institute of Chartered Accountants of Zimbabwe, said that such negative perceptions often did not reflect the true situation in the countries concerned.

African governments, professional bodies and individuals, therefore, needed to fight to correct those perceptions in order to attract capital to come into the continent, he said.

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

 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.

Other members of the panel were Mike Bimha, Zimbabwe’s Minister of Industry and Commerce, Nigel Chanakira, Chairman of the Zimbabwe Investment Authority, and John Vitalo, Chief Executive Officer of Atlas Mara. Samuel Sithole, Group Financial Director, Brait S.E, moderated the session.

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

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

Obi Emekekwue
Afreximbank External Communications

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