Egypt, Angola Attract Most Foreign Investment In 2014
According to fDi Intelligence , a data division of the Financial Times group, Egypt and Angola were the top destination for foreign direct investment in Africa last year as companies investing in the region searched for good growth potential on the continent.
In 2014, Africa experienced substantial growth in inward investment, with $87 billion find its way in mostly oil and gas projects — which got $33 billion or about a third of the total investments. Real estate was the second-most popular sector, attracting $12b billion in investment, followed by communications at $6 billion.
Egypt attracted mega projects worth over $18 billion as the “investment environment and economic prospects in the country improved”. This was a 42 percent increase compared to what the north African country received in 2013.
The country saw some major infrastructure projects like Greece-based Mac Optic’s plans to build a $5 billion petroleum refinery within the Suez governorate. US-based Coca-Cola also announced it would expand production capacity at its factory in Cairo In a $500 million growth strategy that would double its exports capacity by 2017.
In sub-Saharan Africa, oil-rich Angola raked in $16 billion more investment in 2014 than it did a year ago, mostly in its vibrant oil and gas sector.
Nigeria, Mozambique and Morocco also saw a big increase in capital investments and together accounted for 27.5 percent, or $24 billion, of the foreign investment to Africa in 2014.
Africa is the world’s fastest-growing region for foreign direct investment, according to fDi Intelligence, with capital investments growing by 65 percent in 2014, while the global average only added 1 percent.
Sign up for the Moguldom newsletter — business news you need to know about economic empowerment for the digital age, delivered to your inbox.