The Egyptian Cabinet's Information and Decision Support Center (IDSC) said that Egypt has been ranked as the most attractive African destination for foreign direct investment (FDI) in 2022.
In a statement, IDSC issued a new study shedding light on UNCTAD’s World Investment Report 2022 on investments in Egypt entitled “Egypt Is the 2nd FDI Recipient in Africa”.
The statement noted that the latest pledges from the Gulf States to invest some $22 billion in various sectors may boost FDI going forward.
It also pointed out that greenfield projects in Egypt increased more than tripled, to $5.6 billion; for example, Reportage Properties (United Arab Emirates) announced a real estate project for $1.5 billion.
The report of UNCTAD shed light on SDG-related investment projects such as the monorail and El-Hammam wastewater treatment plant.
FDI to African countries hit a record $83 billion in 2021, the report revealed. Nigeria is the largest recipient of FDI, with $4.8 billion, mainly because of a resurgence in investments in the oil and gas sectors.
It's worth mentioning that Egypt was the first recipient of foreign direct inflows in Africa in 2020, attracting USD 5.9 bn in inflows during the year, according to UNCTAD’s 2021 World Investment Report.