Abstract
Foreign direct investment flows to the Great Lakes region of Africa have been steadily increasing recently, especially after the pandemic crisis. The example of this region may be useful for Kazakhstan, since this region is also a transit one. The purpose of this article is to identify, in the specific case of sub-Saharan Africa, the transmission channels through which incoming foreign direct investment (FDI) flows that can have a positive impact on economic growth. The authors used both the simple Generalized Least Squares Method (GLS) and the Feasible Generalized Least Squares Method (FGLS) to test the apparent empirical analysis of this relationship between FDI and growth based on data for the period 1970-2019. The main hypothesis is that foreign direct investment has a positive impact on the economic growth of the country and the subregion. The results proved this hypothesis, but it strongly depends on macroeconomic stability. On the other hand, the authors did not find the influence of such factors as financial development, business openness and human capital as channels for transmitting the positive impact of foreign direct investment on economic growth. The results of the study can be useful in the study of economic disciplines and in the development of planning strategies for attracting foreign direct investment.