Egypt Tops Africa in Drawing Foreign Investment in 2024 with Record Increase in Mega Project Funding
In 2024, Africa witnessed a record-breaking surge in foreign direct investment (FDI) inflows, which increased by 75% to reach $97 billion—the highest level in the continent’s history. Egypt played the leading role in driving this growth, following the execution of a major international financing deal for an urban development project, positioning the country at the forefront of investment in both North Africa and the entire continent.
This report highlights Egypt’s investment performance within the African context and analyzes the underlying economic factors behind this exceptional performance.
Egypt at the Helm of Africa’s FDI Boom
According to the UNCTAD report, the investment surge in Africa was primarily driven by a landmark international financing deal for an urban development project in Egypt, which captured a significant share of the continent’s FDI inflows in 2024.
International financing commitments in Egypt—especially in infrastructure and energy projects—multiplied significantly, leading North Africa to experience an extraordinary 277% growth in FDI, jumping from $13 billion in 2023 to $51 billion in 2024. Egypt was the primary engine of this growth.
Egypt’s FDI Indicators in 2024
Egypt emerged as the top destination for foreign investments in Africa in 2024. Unprecedented increases in international financing for projects in sectors such as transportation and renewable energy. Egypt’s project financing commitments more than doubled within a single year. The country registered the majority of new renewable energy projects across the continent, including massive investments in: Subsea cables Wind power plants Solar energy stations
Top Investment Sectors in Egypt
Renewable Energy
Egypt has become one of Africa’s leading destinations for green energy projects, thanks to its strategic location and supportive policies.
Transport and Infrastructure
Urban mobility and major road and bridge projects have attracted substantial international funding.
Digital Transformation & Smart Technologies
Some investments have been channeled toward enhancing the digital infrastructure supporting transport and energy systems.
Egypt’s investment boom in 2024 reflects profound shifts in the country’s economic landscape, including:
A qualitative transformation in investment attraction policies, with a focus on facilitation and expansion of bilateral investment treaties. Improved business climate, marked by reduced bureaucracy, faster land allocation, and strong support for mega projects. Enhanced international partnerships, especially with development finance institutions and multilateral banks, which significantly increased Egypt’s project financing commitments.
However, sustaining these gains will require:
Political and economic stability Deeper public-private partnerships Improved project implementation environment
Egypt’s Role in the Future of African Investment
UNCTAD data affirms that Egypt is poised to play a pivotal role in driving Africa’s investment growth in the years ahead, particularly in high-potential sectors such as renewable energy, smart transportation, and sustainable urban development.
Egypt’s ability to attract such a high volume of financing in a single year—despite global challenges—underscores its position as a regional investment hub and a strategic gateway connecting Africa, Europe, and Asia.
The year 2024 marks a turning point in Egypt’s FDI journey. Through ambitious reform policies and landmark development projects, the country has become Africa’s leading investment engine—proving itself not only as a promising market but also as a global strategic partner in sustainable development.
To maintain this momentum, Egypt must continue to build a more competitive investment ecosystem, enhance transparency, and foster an environment that encourages innovation and integration with the green economy.