Egypt continues to be Africa’s largest recipient of foreign direct investment (FDI) flows in H1 2019, attracting USD 3.6 bn (EGP 58.2 bn), thanks to the new investment deals that have been recently announced, Invest-Gate reports.

The United Nations Conference on Trade and Development’s (UNCTAD) latest “Global Investment Trends Monitor” report, published on October 28, claimed that Egypt is on the right track, after also standing as the top host economy on the continent in 2018 and 2017.

Last year, although there was an 8.8% decline in FDI flows compared to the previous year, Egypt managed to remain the foremost FDI destination in Africa and the largest recipient in its sub-region (North Africa), logging about USD 7.4 bn (EGP 119.4 bn), the UNCTAD earlier revealed in its World Investment Report 2018.

The country aims to raise its FDIs to USD 11 bn (EGP 177.5 bn) in FY 2018/19, Reuters previously quoted Egypt’s Planning Minister Hala El Saeed as saying.