Egypt has topped the list of most attractive African countries to invest in for the third consecutive year, based on South Africa’s Rand Merchant Bank’s 2020 investment report, due to be published next January, Invest-Gate reports.

“The enormity of the market paired with a sophisticated business sector relative to other countries makes Egypt the most attractive investment destination in Africa,” according to a press release on September 18.

“The improvement in Egypt’s business environment, facilitated through government programs, combined with the progressive increase in investment from the private sector has enhanced economic growth and assisted in repositioning Egypt on the global investment map,” the release added.

SSA Economist from affiliate company RMB Celeste Fauconnier told BizNews publication that the country has made ‘significant strides’ in changing its business environment for the past three years, improving external investment into the market and growing its own industries.

“We have seen signed agreements with the International Monetary Fund (IMF). They also took the difficult decision a few years ago to devalue their currency to be more reflective of what’s happening in the market,” she added.

Fauconnier noted, “Even though these were tough decisions, in the long run, it will help with structural changes in the economy. We are also expecting an approximate 5.3% growth rate for the next five years. This is well above the 4% average expected for the rest of Africa.”