Egypt is Africa’s top FDI, remittance recipient in 2017

CAIRO – 25 June 2017: Egypt is expected to be the largest receiver of foreign direct investment (FDI) in Africa in 2017, at a level of $9.5 billion (LE 171.38 billion), the African Economic Outlook report said.

The influx of FDI in Africa is forecasted to grow 2 percent in 2017 to record $57.5 billion, with Ethiopia and Morocco following Egypt at $4.4 billion and $4.3 billion respectively, said the report, published in June.

Egypt was also said to be among the top remittance recipients in Africa, dominating 63 percent of money transfers in North Africa, coming after Nigeria, which accounted for 71 percent of remittances in West Africa.

Both countries were also the top remittance recipients in 2016 at $20 billion and $18.7 billion respectively, followed by Morocco ($ 7.1 billion), Ghana ($2.2 billion), Algeria ($2.1 billion), Tunisia ($2 billion) and Senegal ($1.9 billion).