Egypt, Morocco, Nigeria lead African countries in investments

A study released by the United Nations Conference on Trade and Development (UNCTAD) said that Egypt, Morocco and Nigeria top the African countries in luring foreign investments where tourist activities in Egypt ranked second after the industry.

The study added that the revenues of the foreign investments in Africa hit 29 per cent since early the l990s as a result of the flow of foreign capital into the continent especially following the financial crisis in Asia.

The study attributed that increase to the African governments' keenness on providing a proper business atmosphere whether in laws or in communications and the infrastructure in general.

The African economic reform programmes including taming rate of inflation and deficit of trade balance led to a higher rate of growth and a tangible role played by the private sector.

"Investment in the world 2000" report indicated that rate of foreign capital inflow into Egypt hits 6.1 per cent of the gross domestic product (GDP) and that the volume of securities of the foreign investments reached about 20.2 per cent of the GDP.