Africa has had a rough year with Ebola epidemic cropping up in the West, increased Islamic militant activity in Nigeria and Kenya, and new conflicts in South Sudan, Central African Republic and even little known Lesotho wasn’t spared.

But among all these ‘short term’ risks global Merger and Acquisition (M&A) dealmakers are seeing opportunities in the sub-Saharan region over the long run and they are putting their money where growth is expected.

Miguel Azevedo, head of sub-Saharan Africa investment banking at Citigroup in London, told FT that Africa was on the radar of several foreign conglomerates and that these companies “are developing strategies to go into the region.”

Analysts say that foreign interest on the continent has increased as investors look to set up a strategic foot print in Africa. In the past week alone FT says a number of multinationals announced almost $8 billion in deals across several sectors, demonstrating the appetite that exists to tap the region’s growing consumer markets

The Carlyle Foray

These deals included debut investments by private equity giant Carlyle in Nigeria and South Africa; an alliance between brewer SABMiller and Coca-Cola; the entry of French insurer Axa in Nigeria; and a large merger in the retail sector in South Africa.

Other deals concluded this year include Dubai Investment Corporation $200 million injection into Dangote Cement, a company owned by Africa’s richest man, and Qatar National Bank‘s $500 million stake buyout  in pan-African lender Ecobank.

Hugo Steyn, head of Corporate Finance at Investec, told MoneyWeb that much of the M&A activity seen in Africa this year has involved unlisted companies and in particular transactions in the private equity space.

A vibrant economic growth in several countries on the continent despite adversity and improving financial markets are pointing to the resilience of the regions and luring international investors to the region.

Africa is expected to grow by 5.75 percent in 2015, the second fastest economic expansion in the world After Asia, according to the International Monetary Fund.

“You spend some time in Lagos and you see 170 million people wanting a better life, a Coca-Cola at the end of the day and whatever else,” FT quoted Philip Lindop, head of investment banking for Africa at Barclays in Johannesburg, saying. “It’s just fabulously exciting.”

In the year to date, sub-Saharan Africa has had over 630 M&A’s which are already 10 percent higher than 2013, financial data firm Dealogic says. Industry experts say, this year could surpass the record set in 2012 with 656 deals.

More Smaller Deals

The arrival of global private equity groups like Carlyle, KKR and Blackstone has also bolstered activity in the region by adding impetus to the already existing smaller players in the African M&A market.

“There is a great enthusiasm about Africa – particularly as other emerging markets’ economic growth disappoints,” Colin Coleman, head of investment banking at Goldman Sachs in Johannesburg, told FT.

But although the number of deals has increased the value of these is still lower at $34 billion, over $1 million less than at the same time last year and far below the record $49 billion the region got in 2007, just before the onset of the lethargic global financial crisis.

Investment bankers allude this drop in values to two trends: first, investors are focusing most on M&A outside South Africa where deals are smaller; and second, valuations in the natural resources sector are down from the boom days of 2005-07 when Chinese companies led the investment charge into African commodities.

“The deal size is relatively small but people are paying significant multiples to secure toeholds built on existing franchises,” Martin Kingston, chief executive of Rothschild South Africa, told FT.