UNCTAD: More global megaprojects are implemented in Africa

Foreign direct investment (FDI) flows to Africa fell by 3 per cent to US$53 billion in 2023, according to a report by the United Nations Trade and Development Organisation (UNCTAD). This is reported by Emirates News Agency (WAM), a partner of TV BRICS.

Nevertheless, more global megaprojects are underway in the continent's countries, with six of them valued at more than US$5 billion. The two largest economies, Egypt and South Africa, have driven the overall trend.

Topping the list is a green hydrogen project in Mauritania. It is expected to attract investments worth US$34 billion. More than US$10 billion of financing for wind and solar power generation projects has also been channelled to African countries, with the most important facilities located in Egypt, South Africa and Zimbabwe.

Among the largest agreements announced was a US$6.4 billion deal to build a plant to produce batteries for electric vehicles. It is expected to be located in Morocco.