According to the analysis of UN Trade and Development (UNCTAD), the largest decline took place in the Asian region with 8% compared to the 2022 balance, while the reduction in Africa as a whole was 3% and one in Latin America and the Caribbean.

Globally, FDI recorded a decline of 2% in 2023 to USD$1.3 trillion, but excluding the impact of some exceptions, there was a sharper decline of over 10% for the second year in a row, the report details.

According to UNCTAD, over the year, the estimated value of international project finance deals in African countries fell by 50% to USD$64 billion, following a 20% drop in 2022.

However, it noted, Africa attracted a growing share of the world’s green mega-projects, six of them valued at more than USD$5 billion each.

In that continent, deals worth more than USD$10 billion were announced in projects for the production of electricity from wind and solar installations in Egypt, South Africa and Zimbabwe, the source said.

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