Foreign direct investment (FDI) into Africa for 2022 was down by nearly half from the previous year, a new report shows. UNCTAD’s World Investment Report 2023 shows that FDI flows to the continent declined to $45 billion in 2022 from the record $80 billion set in 2021. The report said developing countries need renewable energy investments of about $1.7 trillion each year, but attracted only $544bn in clean energy FDI in 2022. But there are some bright spots, in the form of greenfield projects in Africa. “In 2022, the biggest increase in announced greenfield projects was in energy and gas supply (to $120bn from $24bn in 2021).

Source: The North Africa Journal July 07, 2023 08:26 UTC