Egypt Maintains Top Investment Destination in Africa for the Second Year in a Row

Egypt has secured its position as the top investment destination in Africa for the second year in a row, according to a report issued by the United Nations Conference on Trade and Development (UNCTAD) on 14 July.    . 

In 2023, the country attracted 18.6 percent of the continent’s total foreign direct investment (FDI), amounting to USD 52.6 billion.

The report highlighted a steady increase in investment flows to Egypt since 2014, despite successive crises. FDI reached USD 9.8 billion in 2023, up from USD 9 billion in 2019 and USD 4.6 billion in 2014.

One of the key facilitating measures introduced in 2023 is Egypt’s one-stop-shop system for investment projects, which streamlines the process by including various licenses and permits related to different activities.

Moreover, the Suez Canal Economic Zone concluded agreements for green ammonia and green hydrogen projects. 

Recently, Egypt’s sovereign fund signed four agreements totaling USD 33 billion (EGP 1.5 trillion) in green ammonia projects with European developers.

The UNCTAD report underscores Egypt’s resilience, noting the country’s reforms and measures to enhance its investment climate and attract more foreign investors.

In 2023, Egypt was one of the African countries that received foreign direct investment (FDI) ranging between USD 6 billion and USD 10 billion.

Egypt ranked 32nd in terms of countries attracting direct foreign investments.