CAIRO – 16 November 2023: Egypt revealed its plans to position the Cairo International Financial Center as the leading financial hub and primary platform for venture capital funds in the Middle East and North Africa region, CEO of The General Authority for Investment & Free Zones (GAFI), Hossam Heiba, said during his participation in Egypt’s VC summit.
Heiba highlighted the center's role in providing incentives, guarantees, and financial support for private free zones, traditional private sector projects, emerging companies, and infrastructure initiatives in Egypt and beyond.
Last March, GAFI's CEO signed a memorandum of understanding to establish the Cairo International Financial Center in the New Administrative Capital. The agreement aims to bolster investment flows into and out of Egypt by collaborating with local and foreign financial institutions, including banks, insurance companies, financial intermediaries, and investment funds.
According to Heiba, the global economy is currently undergoing a transformation, with industries shifting from China and Europe to several countries. Egypt, with its strategic location, advanced infrastructure, and skilled labor force, stands at the forefront of these countries, becoming an integral link in global value-added chains.
He attributed this newfound prominence to Egypt's advantageous position, advanced infrastructure, and access to a vast African market consisting of 1.3 billion consumers. Heiba emphasized that his recent visits to various nations aimed to transfer expertise and strengthen cooperation to support Egypt's business environment.
During his remarks, Heiba also discussed plans for a center dedicated to creativity and industrial innovation, which is being developed in collaboration with Japan. This initiative reflects Egypt's commitment to fostering innovation and technological advancement in various industries.
In addition to these developments, Heiba highlighted significant progress in the field of entrepreneurship. In 2023, the government partnered with the World Bank to establish a venture capital fund worth $50 million. The introduction of an electronic establishment platform has met with substantial demand, leading to a monthly doubling of electronically established individual companies.
Recognizing the importance of supporting entrepreneurial activities, a dedicated unit has been established under the Egyptian Cabinet. To facilitate communication and discussions related to entrepreneurship, an electronic platform for this unit will be launched.
Furthermore, the government is actively working to expand the establishment of private free zones by removing location restrictions and minimum capital requirements. This move aims to create an environment conducive to entrepreneurial activities and attract further investments.
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