Dominic Jale
8 October 2002
New York — There is a lot more of investment opportunities in Africa than other parts of the world but the continent is the most dangerous and risky place to do business or invest
. The pervasive corruption that has made Africa a dangerous place to invest, however does not mean investment should not take place in Africa.
Rather every effort should be made for the continent to attract both local and international investors, Mr. Ned Cloonad, Vice President of American International Group (AIG) Inc, a multi-billion dollar and inter-continental insurance company has said.
To ensure that the continent attracts the required investors, AIG has successfully raised $500 million as investment seed fund for the continent which has former South African President, Nelson Mandela, as its chairman.
Speaking to the Chronicle in New York, the headquarters of AIG, Ned said his company was moving heaven and earth to attract investors to Africa.
"There are numerous investment opportunities on the African continent and apart from the risk of doing business on the continent, lack of basic infrastructure is another serious issue confronting Africa," he said.
"To address the issue, the money we raised would mostly be channeled through the development of infrastructure, in deplorable areas where there is investment attention", Ned said.
On how the funds would be disbursed, the AIG's Vice President said it would be done based on the request (application) and merit by the investors and the government of the country where the investment would be taking place.
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