Egypt has replaced South Africa as the top investment destination in Africa due to a superior economic activity score, while South Africa ‘s sluggish growth rates has moved it to second place; according to Rand Merchant Bank in newly released report entitled ‘Where to invest in Africa 2018’.
According to the report, Morocco was ranked third place, Ethiopia in fourth, Ghana in fifth, while Tunisia came at number nine.
The Rand Merchant Bank [RMB] is considered a leading African corporate and investment bank.
In a recent statement released by the Ministry of Investment, the Minister of Investment Sahar Nasr predicted that the average foreign direct investment flowing into Egypt will increase by 40 percent annually.
She noted that as a result of the efforts exerted to improve the investment and the business environment, many contracts were signed with international companies in different sectors such as tourism, new and renewable energy, transport and explorations in the petroleum sector.
The Investment Ministry’s statement highlighted the remarkable rank improvements for Egypt in the Business Environment Report of the World Bank and the International Finance Corporation, as well as in the governance indicators in the World Economic Forum’s Competitiveness Report.
“Investments increased significantly in a small period from LE 290 billion in 2014 and are expected to reach LE 482 billion in 2017, with an average annual increase of 22 percent. Foreign direct investment increased from $4 billion in 2014, and expected to reach $807 billion in 2017, with an average annual increase of 40 percent, “the statement said