A report from the Information and Decision Support Center of Egypt’s Council of Ministers highlighted a significant rise in the net foreign direct investment (FDI) in Egypt for the year 2022.
According to the 2023 Global Investment Report by the United Nations Conference on Trade and Development (UNCTAD), Egypt’s FDI inflow surged to $11.4 billion in 2022, a substantial increase from $5.12 billion in 2021, marking a growth rate of 122%.
Egypt leads in FDI inflows to Africa, accounting for a commendable 25% of the total foreign investments into the continent in 2022. The nation is followed closely by South Africa and Ethiopia.
The FDI inflow to Egypt represented approximately 75.8% of the total inflows in North African countries, which reached $15 billion in 2022.
There’s been a noticeable boom in project announcements in the country, doubling to 161 projects in 2022. Additionally, the value of financing for international projects increased by two-thirds, amounting to $24 billion.
Africa, as a continent, saw a 39% surge in these projects in 2022, predominantly driven by the multiplying projects in Egypt and an increase in South Africa, Morocco, and Kenya.
Notably, multinational companies from India have tripled their new project announcements, reaching an impressive $42 billion.
Egypt emerged as one of the top 10 growing economies in terms of international investment in renewable energy between 2015 and 2022.
Holding the seventh position, the country contributed 14% to the renewable energy sector’s overall project value and 4% of the total share produced by developing countries.
Meanwhile, the International Monetary Fund (IMF) projects that the net FDI inflows in Egypt will continue its upward trajectory, potentially reaching around $17.1 billion by 2024/2025.
