TechInAfrica – Reports by fDi Intelligence found Egypt, South Africa, and Morocco as countries with most FDI-backed projects last year.
The Egyptian government had recently established a joint venture with Chinese companies and local company Phosphate MisR in the form of a phosphoric acid plant in the New Valley Governorate worth $848m.
The Northeast country has slid into the second spot, replacing South Africa as a second-ranked attractive place for project investment. A 60% increase was observed from 85 to 136 projects based on the reports.
South Africa came close at 123 projects but outdone other African countries from the financial-backed projects outside the region.
Morocco took the third spot, having 102 financed projects by FDI.
fDi Intelligence, a product of the Financial Times, found that South Africa invested in 81 projects outside the rainbow nation in 2019 compared to just 29 in Morocco, the second most out of any African country.
Morocco had 102 projects financed by FDI last year, making it the third-largest on the continent.