Egypt drives record foreign investment surge across COMESA region

Egypt has emerged as the key driver behind a record surge in foreign direct investment (FDI) across the Common Market for Eastern and Southern Africa (COMESA), according to a new report by United Nations Conference on Trade and Development.

The report reveals that total FDI inflows into the 21-member bloc reached an unprecedented US$65 billion in 2024, marking a 154 per cent increase compared to the previous year, reports Sada el-Balad, a partner of TV BRICS.

Egypt accounted for the majority of this growth, with foreign investment inflows rising sharply from US$9.8 billion in 2023 to approximately US$46.6 billion in 2024 – representing more than 70 per cent of total inflows into the group. The surge was largely supported by large-scale development initiatives that significantly boosted investor confidence and capital inflows.

Even excluding major individual projects, investment across the COMESA region still grew by 16 per cent, indicating broader structural improvements in the investment climate. The bloc’s share of FDI to developing economies increased from 3 per cent to around 7 per cent, while its share of global inflows doubled to 4 per cent.

The report highlights a parallel rise in international project finance, which climbed by 93 per cent to US$79 billion in 2024. COMESA countries accounted for around 80 per cent of total project finance in Africa, reinforcing the region’s growing role as a hub for infrastructure and development investment.

Investment activity remained concentrated in Egypt joined by Ethiopia, Uganda, Democratic Republic of the Congo and Kenya accounting for roughly 90 per cent of total inflows.

Overall, the findings underscore COMESA’s growing attractiveness as an investment destination, supported by shifting global capital flows towards emerging markets with strong growth potential.