Egypt's Ras El Hekma deal pushes COMESA FDI inflows up 154% to $65B in 2024

The Common Market for Eastern and Southern Africa (COMESA) reported a record-breaking surge in foreign direct investment (FDI) for 2024, with inflows rising 154% to $65 billion, boosted primarily by Egypt’s landmark Ras El Hekma development. 

 

The figures were released in the 2025 COMESA Investment Report, unveiled during the Ministerial Council meeting held in Zambia.

 

Even without counting the Ras El Hekma project, FDI into COMESA countries grew by 16%, signaling strengthening investor confidence across the region. COMESA’s share of global FDI doubled from 2% to 4%, while its share of flows to developing countries jumped from 3% to 7%, representing 67% of Africa’s total FDI. The Netherlands and the United States remained the top investors.

 

Prepared in cooperation with UN Trade and Development (UNCTAD) and the COMESA Regional Investment Agency (RIA), the report offers updated data and strategic insights aligned with the bloc’s Medium-Term Strategic Plan 2026–2030.

 

The report highlights a major rise in International Project Finance (IPF), which nearly doubled to  $79 billion, accounting for four-fifths of all IPF activity in Africa.