Egypt remains Africa’s top FDI recipient – minister

Egypt has maintained its position as the largest recipient of foreign direct investment (FDI) flows to Africa, said Planning Minister Hala al-Saeed on Thursday citing a United Nations recent report.

The United Nations Conference on Trade and Development (UNCTAD)’s report showed that foreign direct investment flows to Egypt reached $8.5 billion in 2019, marking a 5 percent year-on-year increase, al-Saeed said.

These figures emphasise that “Egypt is on the right track” given the government’s accelerated economic and sustainable development reforms, the minister added.

UNCTAD’s World Investment Report 2019 said that foreign investment in Egypt was skewed towards the oil and gas industry, as significant discoveries of offshore gas reserves attracted investments from multinational enterprises (MNEs), and the country became a net exporter of gas in January 2019.