Egypt remains top recipient of FDI in Africa

FDI inflows to Egypt slid by 35% last year

  
Image used for illustrative purpose. A cityscape of the downtown area of Cairo, capital city of Egypt.

Image used for illustrative purpose. A cityscape of the downtown area of Cairo, capital city of Egypt.

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Cairo - Mubasher: Egypt's Prime Minister Mostafa Madbouly reviewed a report prepared by the Head of General Authority for Investment and Free Zones, (GAFI), Mohamed Abdel Wahab, on the investment indicators shown in the United Nations Conference on Trade and Development's (UNCTAD) World Investment Report 2021.

The report showed that Egypt has kept its leading position among the top recipients of FDI in Africa during 2020, according to a Cabinet statement on Wednesday.

FDI inflows to Egypt slid by 35% to $5.9 billion last year as flows to Africa fell by 16% to $40 billion due to the repercussions of the COVID-19 pandemic.

Abdel Wahab clarified that the lockdown measures have led to slowing down the progress of existing investment projects and made major corporates reconsider planned projects due to economic recession in many countries during 2020.

Globally, the report expects FDI inflows to recover in 2021 with an increase of 10% to 15% with the rollout of COVID-19 vaccines.

Source: Mubasher

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