Kenya has surpassed South Africa as the biggest investor in the continent.
A new study by financial consulting firm Ernest & Young shows that Kenya invested in 36 projects in other African countries in 2015 against South Africa's 33.
The new study noted that most of Kenya's investments went into countries within the East African Community (EAC) as a result, the country's global ranking as a source of foreign direct investment (FDI) to the African continent also improved strongly to seventh position in 2015 from 13th the previous year.
“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.
The report also noted that many Kenyan companies are venturing to new international markets as compared to before.
South Africa, however, beat Kenya in terms of the worth of the projects as it had Sh200 billion compared with Kenya’s Sh100 billion.