Egypt among top 10 investment destinations in Africa

The “Business Insider” website has named Egypt as one of the top 10 investment destinations in Africa.

The list also includes Nigeria, South Africa, Algeria, Morocco, Kenya, Ethiopia, Ghana, Angola, and Cote d’Ivoire, according to a report issued by the Information and Decision Support Center, the Egyptian government’s think tank.

Egypt’s economic growth rate increased by 9.8 percent in the first quarter of the fiscal year 2021-2022, according to the latest statistics published by Reuters.

Statistics also show that Egypt is one of the richest countries in Africa in terms of GDP for 2021, as it has the second highest GDP in the continent at US$394 billion.

Despite the negative economic effects resulting from the pandemic, the report said Egypt’s GDP achieved growth in 2021, thanks due to a diversified economy that depends on fossil fuel exports and agricultural and tourism activities.