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Egypt remains Africa’s leading destination for foreign direct investment

Egypt remains Africa’s leading destination for foreign direct investment
Developing economies witnessed a 12% slide in FDI

Cairo – Mubasher: Egypt maintained its leading position among African destinations for foreign direct investment (FDI) in 2020 despite the challenges posed by the coronavirus (COVID-19) pandemic.

FDI inflows into the most populous Arab nation reached $5.5 billion last year, down by 39% from $8.5 billion in 2019, according to the United Nations Conference on Trade and Development’s (UNCTAD) Investment Trends Monitor report.

The drop was triggered by concerns over the pandemic which led to a historic decline in global investment flows.

The average drop in foreign inflows registered 32% in North Africa and 18% in Africa.

Developing economies witnessed a 12% slide in FDI, accounting for 72% of total inflows, compared to a 42% plunge in global flows.

Advanced economies in Europe and the US saw a 69% slide in inflows.