The United Nations Conference on Trade and Development (UNCTAD) announced that Egypt is the biggest foreign direct investment (FDI) attractive in Africa during the first half of 2019.
In a report issued on Monday, UNCTAD unveiled that Egypt has attracted FDI flows worth $3.6 billion.
It also mentioned that the FDI flows to Africa registered $23 billion during 1H 2019, down two percent in the same period in 2018.
It clarified that despite this decrease, Egypt has managed to keep its position as the biggest FDI attractive in the continent, which is in line with the success of its economic reform program that Egypt’s government has adopted since November 2016, macroeconomic indices improvement, and the legislative reforms that Egypt has implemented, which improve its investment climate.
On the other hand, the global FDI flows reached $650 billion in 1H 2019 with an increase rate of 24 percent compared to the same period in 2018, according the report.
The report anticipated that global FDI flows would witness a slowdown increase due to the global trade tensions.