Egypt's GAFI garners UNCTAD's award of excellence in promoting sustainable investment in agribusiness

CAIRO – 15 November 2022: Egypt's General Authority for Free Zones and Investment (GAFI) won the award of excellence in promoting sustainable investment in agribusiness presented by the United Nations Conference on Trade and Development (UNCTAD) for the year 2022.

 

The award was received by GAFI's Chairman Mohamed Abdel Wahab during his attendance of the 13th session of the Investment, Enterprise, and Development Commission on Monday.

GAFI's winning project is the Canal Sugar Company, which is a joint venture between Egyptian and Emirati investors. The authority facilitated striking the deal, as it is aligned with Egypt's 2030 Sustainable Development Vision, which includes sections on accomplishing food security in tandem with adapting to climate change, relying on smart agriculture systems.

The project is estimated to create 50,000 jobs, achieve self-sufficiency of sugar, and train farmers, through an affiliated academy, on increasing production and reducing the use of water and fertilizers.

The GAFI chairman noted that the award reflects confidence in the Egyptian government, and its role in supporting the business ecosystem and sustainable development.

Abdel Wahab added that the award is also an applause for its efforts in articulating investment policies and laws, creating investment opportunities, eliminating obstacles facing investors, and providing investor services since the foundation of projects and throughout their various phases of operation.

The UNCTAD has been awarding investment promotion agencies (IPAs) for impactful projects since 2002, and this year, the awards went to IPAs in Egypt, Brazil, and Lesotho.