Foreign Direct Investment Flows to Africa Hit Record $94B in 2024
TLDR
- Foreign direct investment (FDI) in Africa reached $94 billion in 2024
- That marked an 85% increase compared to the previous year despite a global decline
- Egypt accounted for one-third of Africa’s total FDI, attracting $35 billion
Foreign direct investment (FDI) in Africa rose 85% from the previous year to reach $94 billion in 2024, per the latest data from the United Nations Conference on Trade and Development (UNCTAD).
This comes despite an 8% global decline in FDI and a significant reduction in international project financing worldwide. Egypt accounted for one-third of Africa’s total FDI, attracting $35 billion, largely driven by ADQ’s $24 billion investment in the Ras El-Hekma megalopolis development project.
ADQ also converted $11 billion in deposits into investments for Egypt’s growth. North African countries collectively secured $51 billion in FDI, up 276% year-on-year, while Sub-Saharan Africa recorded $44 billion, an 18% increase.
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Key Takeaways
Africa’s record-breaking FDI inflow underscores the region’s growing appeal as a destination for international capital, even as global FDI declined. Egypt’s Ras El-Hekma project exemplifies how large-scale urban developments are driving investment. North Africa’s $51 billion inflow reflects the region’s strategic importance, while Sub-Saharan Africa’s steady growth highlights broader opportunities in infrastructure and resource sectors. UNCTAD’s report also highlights challenges, such as a 23% drop in global project financing volume, affecting Asia more significantly than Africa. Despite this, Africa’s relative resilience shows the continent’s potential as a counterweight to global investment slowdowns, with emerging sectors and development projects poised to sustain this momentum.
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