African Union Calls for Increased Investment to Boost Growth

Africa needs increased foreign investment to boost economic growth on the continent, said African Union Commission Chairman Jean Ping, who criticized the amount of capital invested so far.

“Despite the fact that Africa has taken all the measures requested by the Washington Consensus for the creation of an environment propitious to foreign capital, why is it that Africa, with the exception of South Africa, still attracts less than 2 percent of global direct foreign investments,” Ping said. He spoke at the opening of an Africa-EU Summit in Tripoli, Libya, today.