Egypt emerges as Africa’s top investment destination and climbs to ninth globally in FDI rankings

Egypt has secured its position as the leading destination for foreign direct investment (FDI) in Africa and ranked ninth globally for 2024, according to the latest World Investment Report issued by the United Nations Conference on Trade and Development (UNCTAD).

The announcement was made by Minister of Planning and Economic Development and International Cooperation, Rania al-Mashat.

The report highlights Egypt’s remarkable rise from 32nd position globally in 2023 to its current standing, after attracting $47 billion in foreign investments this year — a significant leap from the $10 billion recorded the previous year.

“This reflects the government’s prioritization of empowering the private sector and attracting investments,” al-Mashat told the Egyptian Cabinet, attributing the country’s progress to a series of bold economic reforms and policy shifts aimed at creating an investor-friendly environment.

Among the key highlights of the report was Egypt’s Ras El Hekma deal, which the minister described as a “pioneering model” combining direct investment and a debt-swap mechanism.

Al-Mashat emphasized that this approach illustrates Egypt’s innovative financial engineering at a time of global economic uncertainty.

“This model came at a crucial time and demonstrates the state’s ability to utilize innovative tools to attract financing and investments,” she said, noting that these efforts are aligned with Egypt’s broader national priorities.

The minister also referenced remarks by UNCTAD Secretary-General Rebeca Grynspan, who called for increased mobilization of financing for the private sector.

In that context, Egypt hosted a major development finance conference earlier this week aimed at enhancing private sector involvement in economic growth and job creation.

According to al-Mashat, the conference provided a genuine platform for cooperation between international financial institutions and national governments, reinforcing Egypt’s role as a regional leader in investment-driven development.

She noted that Egypt has successfully mobilized over $15.6 billion for its private sector over the past five years, underscoring the government’s commitment to fostering sustainable and inclusive economic growth.

“The relationship between trade, investment, and development is an integrated and interconnected one,” she concluded. “Promoting private and foreign investments is one of the primary means to achieve comprehensive and sustainable growth.”