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The People’s Republic of China has increased its influence in Africa with over $72.23 billion direct investments in the continent within the last few years. The figures were revealed in the latest study conducted by Ernst and Young, a global consultancy firm.
According to the report, the fund was invested between 2014 and 2018 in telecommunication, technology, retail, fintech, businesses, and leisure.
The report further stated that investment between the above mentioned period has its crux on technology growth in Africa as against the previous focus in the field of telecommunication and finance. It also stated that Egypt attracted the most Foreign Direct Investment destination in Africa, followed by South Africa and Morocco.
See also:Singapore-based Fintech Credolab Expands Services to Africa
Nigeria, on the other hand, remains a key FDI hub for tech, media, and telecom investments. The investment came in tandem with the growth of tech activities in the country.
Other countries that invested in the Africa continent within 2014-2019 are France with $34.17 billion, US 30.85 billion, United Arab Emirates $25.27, UK 17.68 billion, South Africa 10.18 billion, Germany $6.88 billion, Switzerland 6.43 billion, India $5.4 billion and Spain 4.38 billion.
The total of $72.36 investment by China thus made the country a leading investor in Africa.
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