It invested in 36 projects in other parts of the continent last year, compared to South Africa’s 33.

According to a report by Ernst & Young, Kenya’s Foreign Direct Investment (FDI) also went up six positions - from 13th in 2014, to 7th last year - Daily Nation reports. The report added that 78% of financial and business services originated from Kenya.

Real estate, renewable and geothermal energy, as well as roads and railways, are the fastest growing sectors in Kenya, with local banks also venturing into volatile environments such as South Sudan and Somalia.

In 2015, East Africa achieved 26.3% of total projects, while in southern Africa, projects were down 11.6% from 2014 levels.

Earlier reports had ranked South Africa, Nigeria and Kenya as the most attractive investment destinations in Sub-Saharan Africa - in that order.

Ernst & Young, however, points out that economic growth across the region is likely to remain slower in coming years than it has been over the past 10 to 15 years.

- News24.com