Out of the 998 projects financed by foreign direct investment (FDI) in Africa last year, Egypt, South Africa, and Morocco were responsible for the greatest share, according to a recent report by fDi Intelligence.
Egypt replaced South Africa as the top ranked destination by projects in the region, experiencing a 60% increase from 85 to 136 projects in 2019, the report said.
Along with a $12bn IMF-mandated reform programme, the government has embarked on massive infrastructure spending in sectors ranging from energy to construction.
South Africa follows Egypt at 123 projects, though it easily outdoes all other African countries in terms of the number of projects it financed outside its own territory last year.
fDi Intelligence, a product of the Financial Times, found that South Africa invested in 81 projects outside the rainbow nation in 2019 compared to just 29 in Morocco, the second most out of any African country.
Morocco had 102 projects financed by FDI last year, making it the third largest on the continent.
Other countries with large numbers of externally financed projects include Kenya (87), Nigeria (73), and Ghana (42).
In fact, Nigeria and Ghana each attracted more FDI by capital investment than South Africa, but the investments were spread among fewer projects.
Egypt topped the list both in terms of the number of projects and amount invested.
Ghana entered the top 10 destinations by the number of FDI projects in the Middle East and Africa.
It saw a 56% increase on 2018 figures, equivalent to 15 additional projects.
Ghana also saw capital investment growth of 479%, an increase to $4.8bn.
This was driven by projects such as a $2.8bn production facility being developed by Sweden-based Greenland Resources as part of a public-private partnership with the government of Ghana.
Other large projects in Africa last year included the establishment of a $2bn phosphate fertiliser plant in Togo by the Dangote Group.
The Egyptian government also established a $848m phosphoric acid plant in the New Valley Governorate as part of a joint venture with several Chinese companies and the Egypt-based Phosphate Misr.