Egypt attracted more Foreign Direct Investment (FDI) than any African country in 2020, a report by United Nations Conference on Trade and Development (UNCTAD) revealed.
The flow of FDI to Egypt according to the report stood at $5.5 billion despite a sharp decline by 39 per cent compared to 2019.
Egypt outclasses Nigeria, the second destination of DFI with only $2.6 billion, down from $3.3 billion in 2019.
In the North African region, Morocco follows Egypt with $1.6 billion.
Egypt in 2019 was UNCTAD’s top seat of World Investment Report in Africa with $9 billion.
The investments, according to the UN agency, were mainly driven by the oil and gas industry though some investments were also made in the non-oil economy, including the telecommunications, consumer goods, and real estate sectors.