Egypt first investment destination in Africa for 2nd year

The media center of the cabinet highlighted, on Sunday 14/7/2024, Egypt's tireless efforts to adapt with the repercussions of consecutive global crises, lure more investments, improve national economy's competitiveness, boost its resilience and increase ability to absorb internal and external shocks through taking necessary measures to improve investment climate, including adopting legislative and institutional reforms and developing financial and monetary policies.

This came in a report by the center that included infographics on UNCTAD's report that considered Egypt the first destination for foreign direct investment (FDI) among African countries receiving 18.6 percent of total investments channeled to Africa which are estimated at 52.6 billion dollars in 2023.

The economic zone of Suez Canal alone clinched deals worth 10.8 billion dollars in the green ammonia and hydrogen domains not to mention the new 4-billion-dollar deal announced by a group of investors to produce green hydrogen.

Despite consecutive global crises, Egypt's FDI inflows increased from nine billion dollars in 2019 to 9.8 billion dollars in 2023.

Egypt ranked 32nd in terms of countries attracting direct foreign investments, according to the report.