Prof. Jacob T. Kaimenyi was almost thrilled when he spoke on Wednesday evening about the opportunities for investors in his home country Kenya: “We have the environment for private sector growth,” underlined the current Kenyan ambassador for Belgium, Luxembourg, and the EU.
“Our index has been rising for three years and is one of the best in the world! Over the past ten years, many companies have relocated to Kenya. Investments have risen to over $2 billion! We have 1,700 foreign companies in the country. That shows what is happening!
The first “African Investment Conference” focused on financing opportunities
The fact is: Africa, which for a long time concluded agreements primarily with China, attracts more and more foreign investors. Countries such as Tanzania, Gambia, Uganda, Senegal, and Djibouti all recorded economic growth of more than six percent in 2018, while Côte d’Ivoire and Ethiopia even recorded more than seven percent.
Egypt is also one of the fastest-growing economies. The demand in view of the growing population is great and the booming mobile phone market offers opportunities for new products and payment models in many places. With well over 18 million users in Kenya alone, M-Pesa is a huge success. According to a McKinsey study, there are over 100 million mobile payment accounts throughout Africa – making the black continent the global leader.
Of course, Africa has problems such as poverty, disease, overexploitation, rural exodus, population explosion, violence, and corruption. Nevertheless, it has been better economically for about ten years now.
First Conference on Africa
Reason enough for KPMG to join forces with the Luxembourg Africa Investments Association to host the very first “African Investment Conference”. More than 150 guests found their way to KMPG – proof of interest in Luxembourg. David Capocci, Partner and Head of Alternative Investments at KPMG, was instrumental in organizing the conference.
“Africa is a huge market with great demand,” he replied to the question about the reason for the event. “We have numerous inquiries for the launch of investment funds. Luxembourg has a great deal of experience as the second-largest fund center in the world. Luxembourg has infrastructure funds, private equity funds, alternative investment funds, and private equity.
We can connect investors with those in Africa who seek financing and work with both. The need for financing is enormous. Since we need a platform, we get our act together. Just last week we launched a billion fund in Nigeria.”
Foreign trade office in Casablanca
Luxembourg also wants to help a piece of the pie and the local companies, as Vincent Hieff from the Ministry of Economic Affairs assured. In addition to the existing eight trade and investment offices, one will be opened next year in Casablanca, which will also be responsible for the African market.
“We have more inquiries from companies about Africa,” Hieff assured. However, the continent is huge with 50 countries. As a small country, Luxembourg, therefore, focuses on Ghana, Kenya, Côte d’Ivoire, Rwanda, and Morocco.
(Featured image by Annie Spratt)
First published in journal, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. B2I assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. B2I is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
An investor strategy for millennial home buyers
The millennial generation has begun to return to the housing market as buyers. The prices of rental have finally become...
Biotechs: Is France giving itself the means to achieve its ambitions?
The Strategic Council for Health Industries is making plans to turn France into the number one destination for emerging biotech...
New newspaper, Our(s), takes the Auvergne-Rhône-Alpes by storm
InterMédia, the regional newspaper created by Jacques Simonet, unfortunately, disappeared in 2019. The problem is that the newspaper did not...
Bitcoin and the CNBC Pump: Is BTC the new gold?
External factors have had an outsized impact on the price of Bitcoin. In particular social media metrics, such as the...
Claudio Costamagna and Andrea Morante sign agreements for the acquisition of FOPE’s majority stake
CoMo has signed a contract with Ines and Umberto Cazzola, heirs of the founder Umberto Cazzola, holders of 59.16% of...