Many of Africa's poorest nations failed to benefit from foreign investment despite historically high levels going to the region last year according to the United Nations. Foreign direct investment (FDI) to Africa hit a record $31bn, a rise of 78 percent from the year before, due to sharp increases in commodity prices, the World Investment Report by the UN Conference on Trade and Development said. However, the benefits of the increased investment were spread unevenly across countries and industries, with South Africa receiving 21 percent of the region's total FDI. While countries such as Egypt, Nigeria and Tunisia received close to 86 percent of the African FDI total, levels of investment remained below $100m for many of the least developed countries such as Angola, which saw a drastic decline. As a share of global FDI, Africa only represented 3 percent, much lower than levels in the 1970s and early 1980s.
South Africa Gets a Non Permanent Seat on UN Security Council
South Africa was elected to serve on the United Nations Security Council in a non-permanent capacity. Confirming this in a statement, Foreign Affairs Minister, Nkosazana Dlamini-Zuma said: "We humbly accept the mandate thrust upon us by the people of Africa, the South and the world in general in electing us to this position of responsibility." She said that South Africa is greatly privileged and honored by its election by the general membership of the United Nations to serve on the UN Security Council in a non-permanent capacity.
A Value Addition Programme
Sasini Tea and Coffee will invest Ksh 100 million in a value addition expansion programme. The firm will seek the funding from the shareholders who will be expected to increase the authorized share capital from 200 million to 300 million.
A Boost to NEPAD
The New Partnership for Africa Development (NEPAD) office for science and technology will receive sh45 million from the Bill and Melinda Gates Foundation. The grant will enable the office to carry out a set of activities over a period of six months to prepare comprehensive studies and develop proposals for long term funding.
The African Executive Signs an MOU with Citizen
The African Executive signed a memorandum of understanding with Citizen, a Tanzanian Daily last week. The Tanzanian Daily will republish articles from The African Executive on a weekly basis.