Kenya Overtakes SA As Biggest Investor in African Countries

Kenya overtook South Africa to become the biggest investor in other African countries in terms of the number of projects in 2015.

Kenya invested in 36 projects last year in other parts of the continent against South Africa's 33, a new study by financial consulting firm Ernst & Young shows.

It noted that most of Kenya's intra-Africa investments went into countries within the East African Community (EAC).

The study said Kenya's global ranking as a source of foreign direct investment (FDI) to the African continent also improved strongly to the seventh position in 2015 from 13th in 2014.

"Activity was largely concentrated in services, with financial and business services together accounting for nearly 78 per cent of FDI projects originating from Kenya," said the report released Monday.

"Many Kenyan companies are playing the role initially adopted by South Africa's corporate sector, who were the first to venture outside their home markets," it adds.

South Africa however beat Kenya in terms of the worth of the projects as it had Sh200 billion compared to Kenya's Sh100 billion.

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