Q&A
Citibank sees big trend in supply chain financing by multinationals in Africa
Local and regional homegrown companies are becoming acquisition ready, says East Africa CEO
Citibank East Africa CEO Joyce-Ann Wainaina was recently appointed MD of global subsidiaries for Citibank sub-Saharan Africa. She is responsible for the banks’ relationships with more than 1,000 subsidiaries of multinational companies active on the continent. How do you see economic prospects for the continent? As you know, Africa is a large and diverse continent. So while the oil-producing countries have experienced an economic slowdown, other countries have been enjoying strong economic growth at rates above 6% per annum. And when we look back over the last 15 years, economic growth rates on average for sub-Saharan Africa have been close to 6%. This is an unparalleled period of stability and prosperity for the continent and has meant that we are seeing the emergence of an African middle class. So multinationals that have invested in FMC (fast-moving consumer) oriented businesses have been very successful. We are seeing automobiles being assembled in Rwanda and Ethiopia. We have se...
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