Egypt has maintained its position as the top investment destination in Africa for the second consecutive year, according to a report released by the United Nations Conference on Trade and Development (UNCTAD) on July 14.
In 2023, Egypt received 18.6% of Africa’s total foreign direct investment (FDI), totaling USD 52.6 billion. The report highlighted a consistent growth in investment flows to Egypt since 2014 despite facing successive crises. FDI reached USD 9.8 billion in 2023, increasing from USD 9 billion in 2019 to USD 4.6 billion in 2014.
A key measure introduced in 2023 was Egypt’s one-stop-shop system for investment projects, simplifying the process by integrating various licenses and permits for different activities, according to Egyptian Streets.
The Suez Canal Economic Zone also secured agreements for green ammonia and green hydrogen projects. 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 emphasizes Egypt’s resilience, acknowledging its reforms and efforts to improve its investment climate and attract more foreign investors.
In 2023, Egypt was among the African countries that received foreign direct investment, ranging between USD 6 billion and USD 10 billion. Egypt was ranked 32nd among countries attracting foreign direct investments.
