Egypt ranks 9th globally, 1st in Africa for FDI in 2024

Egypt Independent

10 hours ago

Rania al-Mashat, Egypt's Minister of Planning and Economic Development and International Cooperation, announced the launch of the World Investment Report issued by the United Nations Conference on Trade and Development (UNCTAD).
The report monitors key trends in global Foreign Direct Investment (FDI) in 2024 and highlights Egypt's position among the most attractive countries for investments, driven by the Egyptian government's reforms.
In a statement to the Egyptian Cabinet, the Minister revealed that the report placed Egypt ninth globally and first in Africa among the most attractive countries for FDI during 2024, attracting $47 billion in investments.
The Minister clarified that this marks a significant leap for Egypt from its 32nd global ranking in 2023, which recorded $10 billion in FDI. This reflects the government's prioritization of empowering the private sector and attracting investments. She also noted the positive growth rate in the third quarter of the current fiscal year, which exceeded expectations.
Al-Mashat highlighted the report's positive focus on developments in Africa, particularly in Egypt. The report specifically spotlighted the Ras El Hekma deal as an innovative model comprising two components: direct investment and a debt-swap mechanism. She added that this model came at a crucial time and demonstrates the state's ability to utilize innovative tools to attract financing and investments, deploying them in line with its national priorities.
She also referred to the UNCTAD Secretary-General's address, which emphasized the importance of mobilizing financing for the private sector. In this context, Egypt hosted a major conference earlier this week on development finance and enhancing the private sector's role in achieving growth and creating job opportunities.
This conference also served as a genuine platform to embody the principle of cooperation between international financial institutions and national governments in supporting the investment and development agenda.
Within this framework, she affirmed that over the past five years, Egypt has successfully mobilized more than $15.6 billion for the private sector. She underscored that the relationship between trade, investment, and development is an integrated and interconnected one, and that promoting private and foreign investments is considered one of the primary means to achieve comprehensive and sustainable growth.