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This paper investigates whether foreign investment (FDI) into Africa is atleast partially responsive to World Bank-measured market friendliness.Specifically, I conducted analyses of four countries between 2009 and 2017,using cases that represent two of the highest scorers on the bank's DoingBusiness index as of 2008 (Mauritius and South Africa) and the two lowestscorers (DRC and CAR), and subsequently traced all four for growths or declinesin FDI in relation to their scores in the index. The findings show that thereis a moderate association between decreased costs of starting a business andgrowth of FDI. Mauritius, South Africa and the DRC reduced their total cost ofstarting a business by 71.7%, 143.7% and 122.9% for the entire period, and sawinward FDI increases of 167.6%, 79.8% and 152.21%, respectively. The CARincreased the cost of starting businesses but still saw increases in FDI.However, the country also saw the least amount of growth in FDI at only 13.3%.

Does the World Bank's Ease of Doing Business Index Matter for FDI? Findings from Africa