World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

Foreign Investment Drops for Africa's Poorest

UN Reports Declining Foreign Investment In Five Poorest African Countries

Foreign direct investment (FDI) in five least developed countries (LDCs) in Africa declined in 2002 and though two other nations on the continent made small gains, they did not keep pace with large recent losses, the United Nations Conference on Trade and Development (UNCTAD) said today.

It listed the five LDCs as Angola, Burkina Faso, Burundi, Central African Republic and Malawi, while the two other African countries were Botswana and Zimbabwe. In the countries with extractive industries, most investment went to that sector, but even that amount declined, UNCTAD said.

In oil-rich, cash-poor Angola, foreign inflows slumped to $1.3 billion from $2.1 billion in 2001. New offshore oil projects were expected to keep Angola as one of the top FDI recipients in Africa, however, according to the agency.

Gold production fell in Burkina Faso, where FDI dropped to $8.2 million from $23 million. "Some recovery is expected, however, as the economy is further liberalized and FDI in the services sector picks up," UNCTAD said.

Despite rich resources in the Central African Republic, "which has witnessed cycles of political instability," FDI there slid to $4.3 million in 2002 from $5.2 million in 2001.

Flows into Burundi were nil in 2001 and 2002 after reaching $11.7 million in 2000.

Investment funds were withdrawn from Malawi "because of structural problems," -- $32 million in 2000 and $20 million in 2001, the agency said, but the country neither gained nor lost investment in 2002.

Of the two non-LDCs, Botswana's FDI turned around in 1995 after four years in the red and marginally increased to $32 million in 2002 from $31 million in 2001. Zimbabwe, "experiencing problems with its reforms," recovered somewhat and reached $26 million in FDI in 2002, plummeting from a peak of $444 million in 1998 to $4 million in 2001, UNCTAD said.

© Scoop Media

 
 
 
World Headlines

 

Ramzy Baroud: Year in Review Will 2018 Usher in a New Palestinian Strategy

2017 will be remembered as the year that the so-called ‘peace process’, at least in its American formulation, has ended. And with its demise, a political framework that has served as the foundation for US foreign policy in the Middle East has also collapsed. More>>

ALSO:


North Korea: NZ Denounces Missile Test

Foreign Affairs Minister Winston Peters has denounced North Korea’s latest ballistic missile test. The test, which took place this morning, is North Korea’s third test flight of an inter-continental ballistic missile. More>>

ALSO:

Campbell On: the US demonising of Iran

Satan may not exist, but the Evil One has always been a handy tool for priests and politicians alike.

Currently, Iran is the latest bogey conjured up by Washington to (a) justify its foreign policy interventions and (b) distract attention from its foreign policy failures.

Once upon a time, the Soviet Union was the nightmare threat for the entire Cold War era – and since then the US has cast the Taliban, al Qaeda, and Islamic State in the same demonic role. Iran is now the latest example…More


Catalan Independence:
Pro-independence parties appear to have a narrow majority. More>>