U.S. Natural Gas Futures Drop Below $3 for First Time Since 2012

World Bank Says Sub-Saharan African Tourism Key for Jobs

Sub-Saharan Africa has the world’s fastest-growing tourism industry as the continent attracts hotel investments to cater for foreign visitors and African travelers with rising incomes, according to the World Bank.

Tourism on the continent is forecast to employ about 6.7 million people by 2021 and returns on investments “are among the highest in the world,” the Washington-based lender said in an e-mailed statement today.

“Sub-Saharan Africa is outpacing other regions in tourism growth,” it said. “Global hotel chains are expanding across Africa, recognizing investment potential and committing millions of dollars in new projects over the next few years.”

Cape Verde, Kenya, Mauritius, Namibia, Rwanda, South Africa and Tanzania are examples of African countries that have adopted tourism policies to spur growth, liberalized air traffic and are creating solid investment climates, the World Bank said. Economic growth in sub-Saharan African is forecast to expand an average of 5.6 percent this year compared with 1.2 percent in advanced economies, according to the International Monetary Fund.

Accelerating improvements to sub-Saharan Africa’s electricity supplies, infrastructure and transportation networks would support further growth, said Makhtar Diop, the bank’s vice-president for Africa, according to the statement.

Marriott International (MAR) Inc., Hilton Worldwide Inc., Starwood Hotels & Resorts Worldwide Inc. (HOT) and Kempinski AG are among companies with plans to build more hotels in Africa.

To contact the reporter on this story: Sarah McGregor in Nairobi at

To contact the editor responsible for this story: Nasreen Seria at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.