FDI INTO AFRICA RISES
Foreign direct investment (FDI) on the continent increased by 31.9% year-on-year to $94.1bn, driven by several large capitalintensive projects in the real estate, hospitality and construction sectors as well as in transport and logistics, according to the latest EY Africa Attractiveness report. Africa’s share of global FDI capital flows increased to 11.4%, up from 9.4% in 2015, making it the second-fastestgrowing destination when measured by FDI capital. However, the number of projects declined 12.3% year-on-year, and jobs created from FDI projects also fell 13.1%. Investor sentiment is likely to remain “softer” over the next few years, EY said, attributing this to a world “characterized by heightened geopolitical uncertainty and greater risk aversion”.