CAIRO: Egypt is the first-ranked country among Africa’s top capital investments’ destinations, with $18 billion received and a 42 percent-increase in the number of foreign direct investment projects in 2014, according to a Financial Times (FT) Tuesday report.
Mega energy projects, such as the $5 billion petroleum refinery to be established in Suez by Greece, and the $500 million US-based Coca-Cola Company to be invested over the next three years, are the most benefit sources for Egypt, said FT.
Egypt came in the fourth place after South Africa, Morocco and Kenya, with 51 projects in 2014 in the list of destination countries measured by number of projects.
Angola was the second-ranked country with $16 billion capital investments, fuelled by oil and gas. Mozambique and Morocco came in the third and fourth places, at 67 per cent and 59 percent respectively.
“Africa is the world’s fastest-growing region for foreign direct investment,” said FT.
Africa recorded 5 percent GDP growth in 2014, although World Bank and the International Monetary Fund have warned of a slowing growth, to be between 4 and 4.5 percent, as a subsequence for falling of commodities prices and the Ebola crisis, according to FT report.
Oil and gas is the first-most popular sector in attracting investments in Africa, followed by real estate then communications.
Egypt’s total investments are projected to reach 417 billion EGP ($54.65 billion) in the fiscal year 2014/2015, including 180 billion EGP in general investments; investments in energy and coal are anticipated to be $30 billion in five years, according to a May 13 statement by Egyptian Minister of Planning Ashraf el-Araby.