Foreign Direct Investment inflows into COMESA soars to record $65 billion in 2024, driven by Egypt mega-project

The COMESA Investment Report 2025 has revealed a sharp rise in Foreign Direct Investment (FDI) inflows into the region in 2024, increasing by 154 percent to a record US$65 billion, largely supported by Egypt’s Ras El-Hekma mega-project.

According to the report, FDI inflows into the region would still have grown by 16 percent excluding the project, confirming an overall improvement in investor sentiment across COMESA.

The COMESA Council of Ministers launched the COMESA Investment Report 2025, which was developed by the UN Trade and Development (UNCTAD) in collaboration with the COMESA Regional Investment Agency (RIA), on Friday.

COMESA’s share of global FDI doubled, rising from 2 to 4 percent, while its share of developing-economy inflows jumped from 3 to 7 percent, accounting for 67 percent of total FDI into Africa.

A major highlight of the report was the exceptional rise in international project finance (IPF) in COMESA, which nearly doubled to US$79 billion and accounted for four-fifths of Africa’s total IPF value.

“Large-scale renewable energy, grid expansion and construction projects — especially in Egypt, Tunisia, Rwanda and Malawi — were the main contributors,” reads the report.

Greenfield investment remained strong at US$77 billion announced in 2024, the second-highest on record, with COMESA capturing two-thirds of all greenfield value in Africa.

Despite the strong headline growth, investment remains highly concentrated, with five countries — Egypt, Ethiopia, Uganda, DRC and Kenya — accounting for 90 percent of inflows.

Intra-COMESA investment remained extremely low at 3 percent of greenfield project numbers and 6 percent of greenfield project value.

The report warns that without wider country participation, COMESA’s investment expansion may not translate into broad-based development gains.

“This landmark report provides a comprehensive assessment of Foreign Direct Investment (FDI) dynamics in the region and presents evidence-based recommendations aligned with the COMESA Medium-Term Strategic Plan 2026–2030,” COMESA said.

The report also indicated that European and North American investors hold the largest share of FDI stock in COMESA, led by the Netherlands and the United States.

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