Egypt saw the highest percentage increase in foreign direct investment in Africa in 2016, growing 43.5%, according to EY’s Africa Attractiveness Program 2017 report (pdf). Egypt was the third most popular destination for investments from outside the continent last year, following Morocco and South Africa which remained the top FDI destination in Africa. Out of the top three, Egypt saw the highest number of new FDI-funded projects in 2016, growing 19.7% year-on-year. Egypt, however, dropped eight places in EY’s Africa Attractiveness rankings in 2017 to 11th place. The rankings factor in macroeconomic resilience, market size, business enablement, investment in infrastructure, economic diversification, and governance.

Continent-wide, the report had glowing things to say, predicting that Africa’s economy will reach USD 3 tn by 2030, on the back of 19 countries growing at an average rate of 5%. “Overall growth is likely to remain robust relative to most other regions over the next decade. Structural evolution will continue, and as economic conditions improve globally, much of Africa will be well positioned to accelerate the growth momentum once again,” the report said.