Premier-eFinance: Renaissance Group plans to boost Africa investments as assets climb above $1bln.

The Russian emerging-markets group of investment companies plans heavier investment in Africa as the value of its assets in the globe’s poorest continent climb to over $1 billion.
May 20, 2011 - PRLog -- Renaissance Group Chief Executive Stephen Jennings has told Premier-eFinance that the group intends to make more investments in Africa as the value of its assets in the continent climbed past the $1 billion mark.
“We’ll invest several more billions in the coming years,” Jennings told us in a recent interview from Lagos, Nigeria’s commercial capital, where the group organized an Africa investment conference. “The continent will deliver the fastest growth in the world, faster than Asia has ever done.”

The International Monetary Fund predicts that sub-Saharan Africa’s economy will increase by 5.5% this year and 5.9% in 2012, and that seven of the world’s 10 fastest- growing economies in the next five years come from this region.

By 2015, 221 million African consumers will climb from destitution to basic-needs status, making from $1,000 to $5,000 a year, according to IHS Global Insight data analysed by McKinsey & Co.

“We responded to the facts at a time when a lot of people were blinded by history and prejudice,” Jennings told Premier-eFinance regarding Renaissance’s decision to begin operations in Africa in 2006. “At the time we came the fiscal situation had improved across the continent.”

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