22 Oct Egypt sees 60% rise in foreign direct investment in 2019
Egypt experienced a 60% rise in foreign direct investment (FDI) last year, making it the largest recipient of overseas investment in Africa, according to a recent report by fDi Intelligence.
The North African nation overtook South Africa in the number of FDI projects received, after seeing external financings rise from 85 to 136 in 2019. South Africa recorded 123 FDI projects last year, while Morocco came third on the list with 102 projects.
Egypt’s government has recently embarked on significant infrastructure projects in sectors ranging from energy to construction, along with a US$12 billion IMF-mandated reform programme.
The government established a $848 million phosphoric acid plant in the New Valley last year, as part of a joint venture with several Chinese companies and Egypt-based Phosphate Misr.
Further down the list, Kenya attracted 87 FDI projects in 2019, followed by Nigeria and Ghana with 73 and 42 respectively. In fact, Nigeria and Ghana each attracted more FDI by capital investment than South Africa, but the investments were spread among fewer projects.